"source" and"save" They complete the financial closing of the Al Khazna solar photovoltaic power station project

ABU DHABI, 19 JANUARY / WAM / Abu Dhabi Future Energy Company “Masdar” and “ENGIE”, which specializes in low-carbon energy solutions, today announced the financial closure of the Al Khazna solar photovoltaic power station project with a capacity of 1.5 GW.

A group of prominent regional and international banks will participate in the project financing deal, including Abu Dhabi Islamic Bank, Credit Agricole Corporate and Investment Bank, KFW Ibex Bank, BNP Paribas, Hong Kong and Shanghai Banking Company, Sumitomo Mitsui Trust Bank, Trust Bank, and Emirates Development Bank.

Masdar and Engie won the tender to develop the Al Khazna solar photovoltaic station project in October 2025, while a 30-year power purchase agreement was signed with the Emirates Water and Electricity Company, a leader in the field of integrated coordination of planning, purchasing, supply, management and operation of water and electricity transmission network systems in various parts of the country.

The Al Khazna station is scheduled to begin commercial operation in 2028, and the station will contribute to supplying about 160,000 homes with electricity, and reducing the emissions of more than 2.4 million tons of carbon annually, in a step that supports the country’s efforts to develop the energy sector and contributes to achieving national goals for decarbonization.

Mohammed Jameel Al Ramahi, CEO of Masdar, said that completing the financial closing is an important step in the development process of this project, which plays a pivotal role in the efforts aimed at creating a qualitative shift in the energy sector at the state level.

He added that the Al Khazna solar photovoltaic power plant project constitutes a valuable addition to the country’s growing portfolio in the field of clean energy, in addition to its role in strengthening the partnership with the Emirates Water and Electricity Company and Engie, with whom we look forward to cooperating and reaching the full operational phase of the project and providing reliable and clean energy that supports sustainable socio-economic progress in the country.

For her part, Catherine MacGregor, CEO of Engie, said that Engie continues to fulfill its commitments related to creating a sustainable infrastructure that provides clean and reliable energy solutions on a large scale, pointing out that the financial closure represents an essential milestone in the development of this strategic project, which contributes to supporting the UAE’s endeavors to achieve climate neutrality by 2050, and strengthens the partnership with the Emirati side that extends for decades in the field of spreading renewable energy solutions.

She pointed out that, in cooperation with the Emirates Water and Electricity Company and Masdar, the Al Khazna solar photovoltaic plant will represent a pioneering project that contributes to enhancing national energy security and the goals of reducing carbon emissions, looking forward to full commercial operation in the coming years.

For his part, Ahmed Ali Al Shamsi, CEO of Emirates Water and Electricity Company, said that the financial closure of the Al Khazna solar photovoltaic power plant project represents a major milestone in the company’s strategic journey, which aims to expand renewable energy capabilities in accordance with the highest international standards, and create a qualitative shift in the energy scene in the country.

He added that, as the fourth leading global solar energy project on the utility scale, this project is one of the strategic assets that will play a major role by meeting 60% of the total energy demand through renewable and clean energy sources by 2035, pointing out that by enabling the company

Through its leadership in large-scale renewable energy projects, Emirates Water and Electricity Company continues to take practical steps to ensure safe and sustainable energy supplies, and to support the country’s strategic initiative to achieve climate neutrality by 2050, while looking forward to cooperating with Masdar and Engie during the two phases of implementation and operation of this project.

The Al Khazna solar photovoltaic plant is located between Abu Dhabi and Al Ain and is 60% and 40% owned by Masdar and ENGIE, respectively.

The pioneering project contributes to achieving the strategic goals of the Abu Dhabi Department of Energy in the field of clean energy for the year 2035 and generating electricity in Abu Dhabi to meet 60% of its total energy demand through renewable and clean sources over the next decade.

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