UAE’s Al Ajban 1.5 GW solar project reaches financial close: Korea Western Power (Kowepo), France’s EDF Renewables, and Masdar have reached financial close on the 1.5 GW Al Ajban solar project in Abu Dhabi, according to a statement.

Who kicked in financing? BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation, and the Export-Import Bank of Korea (Korea Eximbank) all contributed financing to the project, the statement notes.

Who owns what: The consortium inked a 30 year power purchase agreement with the Emirates Water and Electricity Company (Ewec) in April to design, finance, build and operate the plant. EDF Renewables and Kowepo will hold a 20% stake each and Masdar will hold the remaining 60% stake, the statement notes. Ewec will offtake all the renewable energy generated.

REMEMBER- Ewec had selected the consortium in February and awarded it development rights for the project, with Masdar serving as the local shareholder. PowerChina Huadong Engineering Corporation then secured an engineering, procurement, and construction (EPC) contract for the solar power plant in July.

Background: The project, once fully commissioned in 3Q 2026, will be one of the world’s largest single-site solar power plants, with some 3 mn solar panels, capable of generating power for 160k homes across the UAE. The plant is expected to slash 2.4 mn tons of CO2 per year.

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