Korea Electric Power Corp. emerged as the leading candidate for three solar projects in Saudi Arabia worth 3.03 trillion won ($2.3 billion), marking the utility’s potential first solar venture in the Middle East.
The state-controlled power company is set to build and operate facilities with a combined capacity of 2,700 megawatts under Saudi Arabia’s National Renewable Energy Program, according to industry sources. The projects include the 2,000-megawatt Al-Sadowi installation, along with smaller developments at Al-Henakiya and Rabigh.
Saudi Power Procurement Company selected KEPCO to advance negotiations for 25-year power purchase agreements. The build-own-operate contracts would strengthen South Korea’s position in the kingdom’s expanding renewable energy sector.
The projects align with Saudi Arabia’s push to diversify away from oil dependency through clean energy investments. For KEPCO, which faces mounting debt at home, the overseas expansion could provide steady long-term revenue if final contracts are secured.
Industry analysts note the deal’s success could open doors for more Korean firms in the Middle East’s growing solar market, where competition from Chinese and European developers remains fierce.
