Financial close reached for Masdar’s 24/7 renewable energy facility

Masdar has locked in USD 5.1 bn from a 13-bank consortium to build what could become the world's largest solar-plus-battery plant — a USD 6.1 bn Abu Dhabi facility designed to deliver a full gigawatt of power around the clock, sun or no sun, according to a press release. Masdar will fund the remaining USD 1 bn in equity.

Why it matters: With 19 GWh of storage on tap, the plant could outscale Nevada's Gemini project, currently the largest solar-battery facility in the world. It's also a marker on Masdar's own roadmap — the company is scaling its global renewables portfolio from more than 65 GW today to 100 GW by 2030.

REFRESHER- Masdar is developing the facility with Emirates Water and Electricity Company, combining 5.2 GW of solar capacity with a 19 GWh battery storage system. The setup is designed to store excess solar power and deliver up to 1 GW of continuous electricity around the clock. 2 GW of solar modules will be supplied by the Chinese solar manufacturer JinkoSolar.

Timeline recap: The project was announced earlier last year and broke ground last October, with operations expected to begin next year.

The lending consortium: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Credit 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.