**KEPCO Secures Saudi Sadawy Solar Power Project and Receives $225 Million PF Financing**
The Export-Import Bank of Korea announced on the 17th that it will provide $225 million (approximately 306.3 billion Korean won) in project financing (PF) for the Sadawy Solar Power Project in Saudi Arabia, which was secured by the Korea Electric Power Corporation (KEPCO).
The project involves the construction and operation of a solar power plant with a capacity of 2000MW, equivalent to two 1000MW nuclear power plants, in the Sadawy region of Saudi Arabia. With the projected annual electricity generation of 6000GWh, it surpasses the annual household electricity consumption of Busan City (approximately 5500GWh). More than $1.1 billion will be invested to install approximately 3.7 million solar panels across a desert area 14 times the size of Yeouido.
This project marks the largest solar power project secured by a Korean company in an international bid and the first solar power project secured in Saudi Arabia’s international competitive bidding.
Previously, the Saudi Arabia Power Procurement Company (SPPC) announced an international bid for a total of four projects, amounting to a total of 3700MW solar power projects as part of Saudi Arabia’s National Renewable Energy Program. The Export-Import Bank of Korea issued letters of credit for all four projects in the initial bidding stages, assisting KEPCO in securing the Sadawy Solar Power Project, the largest among them.
An official from the bank emphasized, “We will actively support our companies in securing subsequent renewable energy projects in Saudi Arabia and the Middle East to contribute to achieving global carbon neutrality.”