Masdar and Engie have reached financial close for the 1.5-gigawatt Khazna Solar Photovoltaic ( PV ) Independent Power Project in Abu Dhabi.

Debt was provided by Abu Dhabi Islamic Bank, Crédit Agricole CIB, KfW IPEX, BNP Paribas, HSBC, 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 signed a 30-year power purchase agreement ( PPA ) with Emirates Water and Electricity Company ( Ewec ), a leading company in the integrated planning, purchasing, supply, and system dispatch services of water and electricity across the United Arab Emirates.  

The project, scheduled to start commercial operations in 2028, will generate enough electricity to power approximately 160,000 homes, supporting the UAE’s energy transformation and contributing to the national decarbonization goals.

“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 decarbonization ambitions,” says Engie CEO Catherine MacGregor.

“As our fourth utility-scale solar project, Khazna Solar PV is a key asset that accelerates our progress towards meeting 60% of total power demand from renewable and clean energy sources by 2035,” adds Ewec CEO Ahmed Ali Alshamsi. “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.”