Abu Dhabi: ENGIE, Masdar Reach Financial Close For 1.5 GW Khazna Solar Project

ENGIE and Abu Dhabi Future Energy Company PJSC – Masdar have reached financial close for the 1.5 gigawatt (GW) Khazna solar photovoltaic project, located between Abu Dhabi and Al Ain. In a press release, ENGIE explained this project was awarded in October 2025 and is being developed under a 30-year Power Purchase Agreement (PPA) signed with Emirates Water and Electricity Company (EWEC).

Financing for the project has been arranged with seven major regional and international banks, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, Hongkong and Shanghai Banking Corporation, Sumitomo Mitsui Trust Bank, and Emirates Development Bank.

Project Fosters Global Partnership

ENGIE said that Khazna Solar PV represents the first implementation of a regional cooperation agreement between ENGIE, LONGi (solar panel supplier), and PowerChina (engineering, procurement, and construction). The collaboration aims to pool expertise and resources to develop large-scale solar projects of over 800 MW in Saudi Arabia, the UAE, and Morocco, thereby strengthening the partners’ expansion across the Middle East and North Africa.

The company said the Khazna Solar PV project is scheduled to enter commercial operation in 2028 and will generate enough electricity to power around 160,000 Emirati households. It will also contribute to Abu Dhabi’s goal of meeting 60 percent of electricity demand from renewable sources by 2035.

Leadership View

On this announcement, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, "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, Chief Executive Officer of ENGIE, said: “The financial close of Khazna Solar PV marks a key milestone and confirms ENGIE’s role as a trusted partner in accelerating the energy transition in the Middle East, through large‑scale projects that enhance energy security and contribute to decarbonization goals.”

Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said, "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. 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."