Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and ENGIE, a global leader in low-carbon energy solutions, have reached financial close for the 1.5 gigawatt (GW) (AC) Khazna Solar Photovoltaic (PV) Independent Power Project.
Financing facilities have been secured with seven leading regional and international banks, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, Hong Kong and Shanghai Banking Corporation, Sumitomo Mitsui Trust Bank and Emirates Development Bank.
Khazna Solar PV was awarded to Masdar and ENGIE in October 2025. Following the award, the project company owned by ENGIE and Masdar signed a 30-year Power Purchase Agreement (PPA) with EWEC (Emirates Water and Electricity Company), a leading company in the integrated planning, purchasing, supply, and system despatch services of water and electricity across the UAE. ?
The project, scheduled to start commercial operation in 2028, will generate enough electricity to power approximately 160,000 homes, while avoiding around 2.4 million tonnes of carbon emissions per year, supporting the UAE’s energy transformation and contributing to national decarbonization goals.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:
'Today’s announcement marks a major milestone for the development of this project, which will play a significant role in the UAE’s energy transformation. The Khazna Solar PV project adds to Masdar’s fast-growing portfolio in the UAE and strengthens our partnerships with EWEC and ENGIE. We look forward to working closely with them to bring this project to full energization and providing reliable, clean electricity to power the UAE’s sustainable socioeconomic progress.'
Catherine MacGregor, CEO, ENGIE, said:
'ENGIE continues to execute its commitment to delivering sustainable infrastructure for clean, reliable energy solutions at scale. This financial close represents a landmark in the development of a mission-critical asset to the UAE’s path towards net zero by 2050 and further strengthens ENGIE’s decades long partnership supporting the country’s renewable energy rollout. In collaboration with EWEC and Masdar, the Khazna Solar PV will operate as a flagship project to both the UAE’s national energy security and its long-term decarbonisation ambitions, and we are proud to reach this milestone as we look ahead to full commercial operations in the coming years.'
Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said:
'The financial close of Khazna Solar PV is a decisive step in EWEC’s strategic plan to scale world-class renewable capacity and transform the UAE’s energy landscape. As our fourth world-leading utility-scale solar project, Khazna Solar PV is a key asset that accelerates our progress towards meeting 60 per cent of total power demand from renewable and clean energy sources by 2035. By pioneering large-scale renewable projects, EWEC is taking tangible actions to ensure a secure and sustainable energy supply for the nation while supporting the UAE Net Zero by 2050 Strategic Initiative. We look forward to working with Masdar and ENGIE through delivery and operations to bring the project online and accelerate a more sustainable water and energy future for the nation.'
Source: Masdar
