Abu Dhabi Future Energy Company (Masdar) and Engie, a French energy major, have reached financial close for the 1.5-gigawatt (AC) Khazna Solar Photovoltaic (PV) Independent Power Project (IPP). 

The financing facilities were secured from seven top 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, Masdar said in a press statement,

Financial details weren't disclosed.

The Khazna solar plant, Abu Dhabi's fourth utility-scale solar project, was awarded to the Masdar-Engie consortium in October 2025. The group has signed a 30-year power purchase agreement with Emirates Water and Electricity Company.

The project is scheduled to start commercial operation in 2028. It will generate enough electricity to power approximately 160,000 homes, while avoiding around 2.4 million tonnes of carbon emissions per year, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said that the Khazna Solar PV project adds to Masdar’s fast-growing portfolio in the UAE and strengthens its partnerships with EWEC and Engie.

Located between Abu Dhabi and Al Ain, the Khazna solar PV project is 60 percent owned by Masdar and 40 percent by Engie.

The Abu Dhabi Department of Energy’s Clean Energy Strategic Target for 2035 expects to meet 60 percent of total power demand from renewable and clean energy sources within the next decade in the emirate.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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