Financial Close Announced for 1.5 GW Solar PV project in UAE

EDF Renewables, Korea Western Power Co. (Kowepo), and Masdar have secured financing to build a 1.5 GW Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project, located about 70 km northeast of Abu Dhabi, UAE.

The project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as a local shareholder (60% stake) signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC) and will design, finance, build and operate the plant. Financing for the project has been secured from six top-tier banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC) and Export-Import Bank of Korea (KEXIM). 

The plant will feature 3 million solar panels on single-axis trackers. The plant, featuring advanced bifacial technology, will generate enough power for 160,000 households in the UAE. Once fully commissioned by Q3 of 2026, the plant will rank among the world’s largest single-site solar facilities. It will also become the UAE’s third utility-scale solar park.