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Masdar and Engie said the Khazna solar project would be operational by 2028. Image: Masdar
Emirati renewables developer Masdar and French utility Engie have reached financial close on the 1.5GW Khazna solar project in Abu Dhabi.
Financing facilities have been secured with seven regional and international banks, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, Hong Kong and Shanghai Banking Corporation, Sumitomo Mitsui Trust Bank and Emirates Development Bank.
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The two companies were awarded the contract to build the project last year and, in October, signed a 30-year power purchase agreement (PPA) with utility the Emirates Water and Electricity Company (EWEC).
This project is part of the UAE’s broader strategy to meet 60% of its power demand from renewable and clean energy sources by 2035 and aligns with its longer-term net zero goals.
EWEC CEO Ahmed Ali Alshamsi said: “The financial close of Khazna Solar PV is a decisive step in EWEC’s strategic plan to scale world-class renewable capacity and transform the UAE’s energy landscape. As our fourth world-leading utility-scale solar project, Khazna Solar PV is a key asset that accelerates our progress towards meeting 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 while supporting the UAE Net Zero by 2050 Strategic Initiative. “
The developers said the project would begin commercial operations in 2028.
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