- Masdar and ENGIE reached financial close on the 1.5 GW Khazna Solar PV project, securing financing from seven major banks and signing a 30-year PPA with EWEC.
- The project will begin commercial operations in 2028, supplying clean power to about 160,000 homes and supporting the UAE’s energy security and decarbonisation goals.
Masdar and ENGIE have reached financial close for the 1.5-gigawatt Khazna Solar Photovoltaic Independent Power Project in the United Arab Emirates. The companies confirmed the announcement on Monday, January 19.
Seven regional and international banks are providing financing facilities. The lenders include Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, HSBC, Sumitomo Mitsui Trust Bank and Emirates Development Bank.
Meanwhile, Masdar and ENGIE won the project in October 2025. After the award, their project company signed a 30-year power purchase agreement with Emirates Water and Electricity Company. EWEC manages integrated water and power planning and procurement in the UAE.
The Khazna Solar PV project will begin commercial operations in 2028. It will also generate electricity for roughly 160,000 homes and avoid about 2.4 million tonnes of carbon emissions each year. In addition, the project will support the UAE’s energy transition and national decarbonisation targets.
Masdar Chief Executive Mohamed Jameel Al Ramahi said the financial close marks a major milestone. He said the project will strengthen Masdar’s UAE portfolio and support the country’s sustainable economic development.
Furthermore, ENGIE Chief Executive Catherine MacGregor said the company continues to deliver large-scale clean energy infrastructure. She called Khazna a mission-critical asset that supports the UAE’s net-zero strategy and long-term energy security.
Moreover, EWEC Chief Executive Ahmed Ali Alshamsi said Khazna is central to EWEC’s plan to scale renewable capacity. He also said the project will support the target of meeting 60 per cent of power demand from renewable and clean energy sources by 2035.
The Khazna project sits between Abu Dhabi and Al Ain. Masdar owns 60 per cent of the project company, and ENGIE owns 40 per cent. The development will also support Abu Dhabi’s Clean Energy Strategic Target for 2035.