Masdar added another project to its streak of financial closes — this time at home — securing financing alongside Engie for the 1.5 GW Khazna solar project, according to a press release. Khazna is a key part of Ewec’s strategy to cover 60% of the emirate’s power demand with renewables by 2035. The Abu Dhabi project is scheduled to come online by 2028 and will power some 160k homes.

Masdar has already reached financial close on several projects this month, including Oman’s USD 300 mn Ibri III solar and battery energy storage project and a USD 225 mn Guzar solar and battery storage project in Uzbekistan. It also secured a contract for difference for the 3 GW Dogger Bank South (DBS) wind farm in the UK.

Financing is locked with seven regional and international lenders, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, HSBC, Sumitomo Mitsui Trust Bank, and Emirates Development Bank. The project’s total cost wasn’t disclosed.

Background: Ewec awarded the independent power project to France’s Engie and local shareholder Masdar back in October, signing an energy purchase agreement where Ewec pays only for the net power generated by the plant, while Engie and Masdar are responsible for designing, building, and operating the facility. In November, China’s SEPCO3 signed an engineering, procurement, and construction contract for the project, alongside module supplier Longi and main developer Engie.

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