Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and ENGIE, a global leader in low-carbon energy solutions, announced that 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 decarbonisation goals.
Located between Abu Dhabi and Al Ain, the Khazna Solar PV project, which is 60 percent owned by Masdar with ENGIE holding 40 percent, 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 percent of total power demand from renewable and clean energy sources within the next decade.
Shandong Electric Power Construction Corporation No. 3 (SEPCO3) is the EPC contractor for the project. (read more)
Al Tamimi & Company acted as the UAE law sponsors counsel.
