Abu Dhabi, UAE:  Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and ENGIE, a global leader in low-carbon energy solutions, today announced they 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.” 

Located between Abu Dhabi and Al Ain, the Khazna Solar PV project, which is 60 per cent owned by Masdar with ENGIE holding 40 per cent, will operate as a flagship development contributing to the Abu Dhabi Department of Energy’s Clean Energy Strategic Target for 2035 for Electricity Production in Abu Dhabi, which aims to meet 60 per cent of total power demand from renewable and clean energy sources within the next decade. 

About Masdar 

Established in 2006, Masdar (Abu Dhabi Future Energy Company) is leading the global energy transformation by investing in, developing and operating renewable energy projects that deliver commercial returns while providing reliable, affordable clean power worldwide.   

With over 20 years’ experience in renewables, Masdar has a diverse, derisked portfolio totaling over 65 gigawatts (GW) across six continents, including the world’s fastest-growing energy markets.  

Jointly owned by TAQA, ADNOC and Mubadala, Masdar is driving the scale-up of renewables worldwide, targeting a portfolio capacity of 100GW by 2030.   
 
For media inquiries, please contact: press@masdar.ae 
For more information, please visit: https://www.masdar.ae and connect: facebook.com/Masdar.ae and twitter.com/Masdar  

About ENGIE  

ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses. Every year, ENGIE invests more than €10 billion to drive forward the energy transition and achieve its net-zero carbon goal by 2045.    

Turnover in 2024: €73.8 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Vigeo Eiris - Europe 120 / France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X).  

ENGIE HQ Press contact:
Tel. France: +33 (0)1 44 22 24 35
Email: engiepress@engie.com

Investor relations contact:
Tel.: +33 (0)1 44 22 66 29
Email: ir@engie.com

About EWEC 

EWEC (Emirates Water and Electricity Company) is the sole procurer and supplier of water and electricity in the emirate of Abu Dhabi. EWEC drives the planning, forecasting, purchasing, and system despatch services of water and electricity. EWEC fulfils these vital responsibilities through the short-term and long-term balancing of bulk supply and demand for distribution companies and authorities in Abu Dhabi and other Emirates. EWEC is supporting the government of Abu Dhabi and the government of the UAE by enabling the reduction of cost whilst also providing the increased security of supply that comes from a cleaner, larger, and more integrated system. 

EWEC is mandated to implement strategic initiatives that will achieve the 60 per cent clean energy target outlined in the Abu Dhabi Department of Energy's (DoE) Clean Energy Strategic Target 2035 for Electricity Production in Abu Dhabi, in addition to enabling the achievement of UAE Water Security Strategy 2036, UAE Energy Strategy by 2050, and the UAE Net Zero by 2050 strategic initiative. EWEC is accelerating Abu Dhabi and the UAE’s energy transition by diversifying the country’s energy mix through developing and deploying renewable and clean energy as well as low-carbon intensive water desalination capacities. EWEC is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy. For more information, please visit www.ewec.ae.   

For EWEC media enquiries, please contact: communications@ewec.ae