South Korea’s Export-Import Bank (Korea Eximbank) has agreed to provide $225 million in project financing for a major solar power development in Saudi Arabia, according to media reports.
The funding will support the construction of a 2,000-megawatt solar plant in the Sadawi desert, roughly 520 km north of Riyadh. The project is being developed by a consortium led by UAE-based renewables giant Masdar, alongside Korea Electric Power Corporation (KEPCO) and China’s GD Power.
The plant, which spans nearly 40 square kilometres and houses an estimated 3.7 million solar panels, is expected to generate approximately 6,500 gigawatt-hours annually, enough to power a city the size of Busan.
All electricity produced will be purchased by the Saudi Power Procurement Company under a 25-year agreement, with operations set to commence in 2027.
This would be the largest overseas solar initiative to date involving a Korean firm. The investment underscores South Korea’s growing ambition to expand its clean energy footprint in the Middle East, a region rapidly diversifying its energy mix.
A Korea Eximbank official said the lender remains committed to facilitating Korean participation in global renewable energy projects, particularly in markets aligned with carbon neutrality goals.
The bank previously extended $150 million in financing for a solar development in the UAE in 2024, a project jointly led by Korea Western Power and France’s EDF Renewables.
