ENGIE and Masdar announce Khazna solar project in the UAE

19 Jan ENGIE and Masdar announce Khazna solar project in the UAE

(Oilandgaspress) ENGIE and Masdar have reached financial close on the 1.5-gigawatt (GW) Khazna Solar PV project, located between Abu Dhabi and Al Ain.

This milestone marks a turning point in one of the region’s largest solar projects and ENGIE’s largest photovoltaic plant worldwide. The project, awarded in October 2025, will be delivered under a 30-year power purchase agreement (PPA) with Emirates Water and Electricity Company (EWEC).

One of the region’s largest photovoltaic installations and the biggest ever developed by ENGIE,capacity

Once fully operational in 2028, Khazna Solar PV will power approximately 160,000 homes and reduce Abu Dhabi’s carbon emissions by more than 2.4 million metric tons of CO₂ per year

Financing Secured with Top-Tier Partners

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.

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