BAKU, Azerbaijan, January 20. Masdar, a global clean energy developer, and ENGIE, a leading low-carbon energy company, have reached financial close for the 1.5-gigawatt Khazna Solar Photovoltaic (PV) Independent Power Project, Trend reports via Masdar.
Financing was secured from seven regional and international banks, including Abu Dhabi Islamic Bank, Crédit Agricole, KfW IPEX, BNP Paribas, HSBC, Sumitomo Mitsui Trust Bank, and Emirates Development Bank.
The Khazna Solar PV project, awarded to Masdar and ENGIE in October 2025, is backed by a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC). Scheduled to begin commercial operations in 2028, the plant will generate enough electricity to power approximately 160,000 homes and avoid an estimated 2.4 million tonnes of carbon emissions annually, supporting the UAE’s energy transition and national decarbonization goals.
Mohamed Jameel Al Ramahi, CEO of Masdar, described the milestone as a significant step in the UAE’s energy transformation. “The Khazna Solar PV project adds to Masdar’s fast-growing portfolio and strengthens our partnerships with EWEC and ENGIE. We look forward to providing reliable, clean electricity to power the UAE’s sustainable socioeconomic progress,” he said.
ENGIE CEO Catherine MacGregor said the project would serve as a flagship for the UAE’s energy security and net-zero ambitions. “This financial close represents a landmark in the development of a mission-critical asset for the UAE’s path towards net zero by 2050,” she added.
EWEC CEO Ahmed Ali Alshamsi noted that Khazna Solar PV is the utility’s fourth large-scale solar project and a key part of plans to meet 60% of total power demand from renewable and clean energy sources by 2035. “By pioneering large-scale renewable projects, EWEC is taking tangible actions to ensure a secure and sustainable energy supply for the nation,” he said.
The project underscores the UAE’s ongoing investments in renewable energy, nuclear, and grid infrastructure to accelerate the transition to a low-carbon energy system.