BAKU, Azerbaijan, July 13. Masdar has announced financial close for the world’s first gigascale 24/7 renewable energy project, securing a $5.1 billion financing package from a consortium of 13 international and local banks.
The project, known as the RTC (round-the-clock) renewable energy project, is being developed in Abu Dhabi by Masdar and the Emirates Water and Electricity Company (EWEC). It represents a total capital investment of $6.1 billion, including $1 billion in equity financing from Masdar.
The project combines a 5.2 GW solar photovoltaic (PV) plant with a 19 GWh battery energy storage system (BESS), making it the largest and most technologically advanced system of its kind globally, according to Masdar.
The financing consortium includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and Societe Generale.
“Financial close demonstrates that large-scale renewable energy projects capable of delivering round-the-clock power have evolved from technical ambition to commercially bankable infrastructure,” Masdar said.
The company noted that the project addresses one of the key challenges of renewable energy — intermittency — by combining large-scale solar generation with energy storage.
“As electricity demand accelerates, driven by AI, data centers, and advanced manufacturing, the project establishes a new benchmark for financing reliable, utility-scale clean energy projects,” Masdar said.
The company added that the milestone highlights its ability to attract institutional capital and deliver complex renewable energy infrastructure projects in cooperation with governments, utilities and financial institutions.
Construction of the project began in October 2025, with operations expected to start in 2027.
The RTC project is considered a key element of the UAE’s clean energy strategy, supporting energy security and economic diversification.
Masdar's global renewable energy portfolio is expected to avoid more than 14 million tonnes of carbon dioxide emissions annually. The company is also developing green hydrogen projects aimed at supporting the decarbonization of hard-to-abate sectors, including heavy industry, shipping, aviation and long-haul transport.
