Financial close reached on 1.5 GW Solar PV project in UAE

ENGIE and Masdar have reached financial close on the 1.5 GW Khazna Solar PV project, located between Abu Dhabi and Al Ain, UAE.

The project, awarded in October 2025, will be delivered under a 30-year power purchase agreement (PPA) with Emirates Water and Electricity Company (EWEC). Financing has been secured from seven major 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. 

Expected to enter commercial operation in 2028, the solar PV project will supply electricity sufficient to serve approximately 160,000 households in the UAE while reducing carbon emissions by about 2.4 million metric tons each year, contributing to the country’s Net Zero by 2050 strategy and Abu Dhabi’s goal of sourcing 60% of its power from renewable energy by 2035. 

The solar facility also marks the first deployment of a regional Cooperation Agreement between ENGIE, LONGi (PV panel supplier) and PowerChina (EPC – engineering, procurement and construction), combining their expertise and resources to develop large-scale solar projects over 800 MW in Saudi Arabia, the UAE and Morocco, and expand their footprint across the Middle East and North Africa.