Al-Sadawi solar IPP to reach financial close
16 April 2025

The project company developing the 2GW Al-Sadawi solar independent power project (IPP) in Saudi Arabia is expected to reach financial close for the scheme next month.
The expected timeline falls within the average six-month period in which IPPs generally reach financial close after the power-purchase agreement (PPA) is signed with the offtaker, in this case Saudi Power Procurement Company (SPPC).
A developer team that includes Abu Dhabi Future Energy Company (Masdar), South Korea’s Korea Electric Power Corporation (Kepco) and China’s GD Power Development signed the project’s PPA with SPPC in November last year.
The developer team subsequently picked China's Shanghai Electric to undertake the engineering, procurement and construction (EPC) work for the 2GW project.
The Masdar-led team offered a levelised cost of electricity of hals4.847 a kilowatt-hour ($c1.29/kWh) for the contract to develop the scheme, which is located in the Eastern Province.
The second-lowest bidder was a team that includes China’s SPIC Huanghe Hydropower Development and France’s EDF Renewables, which offered to develop the project for $c1.31/kWh.
US/India-based Synergy Consulting is providing financial advisory services to SPPC for the fifth-round tender of the National Renewable Energy Programme (NREP). Germany’s Fichtner Consulting is providing technical consultancy services.
SPPC is procuring 30% of the kingdom’s target renewable energy by 2030. Saudi sovereign wealth vehicle the Public Investment Fund (PIF) is procuring the rest through the Price Discovery Scheme. The PIF has appointed Acwa Power, which it partly owns, as principal partner for these projects.
The Saudi Energy Ministry last year said that the kingdom plans to procure 20GW of renewable energy capacity annually until 2030, subject to demand growth.
Hear directly from the gigaproject owners at the biggest construction event—The Saudi Giga Projects 2025 Summit, happening in Riyadh from 12-14 May 2025. Click here to know more
MEED’s April 2025 report on Saudi Arabia includes:
> GOVERNMENT: Riyadh takes the diplomatic initiative
> ECONOMY: Saudi Arabia’s non-oil economy forges onward
> BANKING: Saudi banks work to keep pace with credit expansion
> UPSTREAM: Saudi oil and gas spending to surpass 2024 level
> DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
> POWER: Saudi power sector enters busiest year
> WATER: Saudi water contracts set another annual record
> CONSTRUCTION: Reprioritisation underpins Saudi construction
> TRANSPORT: Riyadh pushes ahead with infrastructure development
> DATABANK: Saudi Arabia’s growth trend heads up
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Morocco tenders 300MW El-Menzel pumped-storage plant6 July 2026
Morocco's Office National de l'Electricité et de l'Eau Potable (Onee) has tendered the main engineering, procurement and construction (EPC) contract for the 300MW El-Menzel pumped-storage hydropower project.
The bid submission deadline is 30 September.
The El-Menzel pumped energy transfer station will be developed in the Sefrou area of Morocco's Fes-Boulemane region. The project is intended to support Morocco's renewable energy programme and contribute to the country's target of sourcing 52% of its energy mix from renewables by 2030.
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Iraq readies tender for additional Al-Faw port piers6 July 2026
Iraq is preparing to issue a tender inviting international contractors to bid for a contract to build the remaining piers at Al-Faw Grand Port in Basra.
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Frontrunner emerges for Bahrain’s Hidd IWP6 July 2026

Saudi Arabia's Acwa has emerged as the frontrunner for a contract to develop and operate Bahrain’s Al-Hidd independent water project (IWP) following the disqualification of the only other bidder for the plant, a source has told MEED.
The seawater reverse osmosis (SWRO) plant is the state's first IWP project. It is expected to have a production capacity of about 60 million imperial gallons a day (MIGD), equivalent to roughly 272,000 cubic metres a day of potable water.
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GS Inima (South Korea/Spain) was the only other bidder for the project.
Bids for the project had been submitted earlier this year.
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Nine companies and consortiums had previously been shortlisted following the completion of the prequalification process last August.
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Sitra IWPP
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Chinese contractor completes 70% of Iraq oil project6 July 2026

The project to develop new crude oil processing facilities at Iraq’s Rumaila field is 70% complete, according to industry sources.
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In the fourth quarter of 2022, China Petroleum Engineering & Construction Corporation signed a contract for the design, procurement, construction and testing of the crude oil processing facilities.
The contract was valued at about $386m, and construction was expected to take three years to complete.
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“The companies that form the joint venture, which operates the Rumaila field, are dealing with a range of other issues right now as a result of the regional war and disruption to shipping through the Strait of Hormuz.”
Rumaila is operated by Rumaila Operating Organisation (ROO).
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PetroChina is the listed arm of state-owned China National Petroleum Corporation.
Oil exports from Iraq have dropped steeply since the US and Israel attacked Iran on 28 February, leading to a regional conflict.
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