Korea Eximbank Supports Largest-Ever Solar Power Project Awarded to Korean Company

$225 Million Project Finance Provided for KEPCO's Saudi Sadawe Solar Power Project

On June 17, the Export-Import Bank of Korea announced that it will provide project finance (PF) totaling $225 million (approximately 306.2925 billion won) for the Saudi Arabia Sadawe Solar Power Project, which was awarded to Korea Electric Power Corporation (KEPCO).

This project involves the construction and operation of a 2,000MW solar power plant in the Sadawe region of Saudi Arabia, equivalent in capacity to two 1,000MW nuclear power plants. The plant's expected annual power generation is 6,000GWh, which exceeds the annual household electricity consumption of Busan (approximately 5,500GWh). More than $1.1 billion will be invested, and about 3.7 million solar panels will be installed across a desert area 14 times the size of Yeouido.

This is the largest solar power project ever won by a Korean company through international bidding, and it is also the first solar power project awarded to a Korean company through a Saudi international competitive tender.

Previously, the Saudi Power Procurement Company (SPPC) initiated international tenders for a total of four solar power projects, amounting to a combined capacity of 3,700MW, as part of Saudi Arabia's National Renewable Energy Program. The Export-Import Bank of Korea issued letters of intent for credit to all four projects at the initial bidding stage, thereby contributing to KEPCO's successful bid for the Sadawe Solar Power Project, which is the largest among the four.

An official from the Export-Import Bank of Korea emphasized, "We plan to actively support Korean companies in securing additional renewable energy projects in Saudi Arabia and the broader Middle East in the future, thereby contributing to the achievement of global carbon neutrality."