Latest
Features , Featured Articles , Long Reads
Mazin Khan, Masdar’s chief financial officer, said the financing deal ‘demonstrates the confidence of the international banking community’ in the company. Image: Masdar.
UAE state-run renewables developer Masdar has reached financial close on what it called the world’s “first gigascale 24/7 renewable energy project”.
The massive 5.2GW, 19GWh “round the clock” (RTC) solar-plus-storage system represents a total capital investment of US$6.1 billion. The recent US$5.1 billion funding of the project came from a consortium of 13 local and international banks, along with US$1 billion of equity funding from Masdar.
This article requires Premium Subscription Basic (FREE) Subscription
Already a subscriber? Sign In
Try Premium for just $1
Full premium access for the first month at only $1
Converts to an annual rate after 30 days unless cancelled
Cancel anytime during the trial period
Premium Benefits
Expert industry analysis and interviews
Digital access to PV Tech Power journal
Exclusive event discounts
Or continue reading this article for free
The remarkable scale of the project—which Masdar called “the largest and most technologically advanced system of its kind in the world”—enables it to effectively produce 24-hour renewable energy using the combination of solar and battery energy storage systems (BESS). It will deliver 1GW of baseload solar power, Masdar claimed.
Masdar broke ground at the site in October 2025 and expects to begin operations in 2027. It is being built in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC), and is likely to deliver power to AI data centres, based on the comments by EWEC and Masdar executives around making the UAE “a global hub for artificial intelligence research” and “redefining the role of renewable energy for the information age”, but no formal offtake or power supply agreement has been announced.
Mazin Khan, Masdar’s chief financial officer, said the financing deal “demonstrates the confidence of the international banking community not only in a landmark project but also in Masdar’s financial strength”.
In May, Masdar and EWEC inked another deal—a Collaboration Framework Agreement (CFA)—to build 30GW of solar PV capacity and 8GW of BESS across the UAE. In January it signed a partnership with French energy major Engie, reaching financial close on the 1.5GW Khazna solar project.
Dubai World Trade Centre, UAE
Intersolar Middle East and Middle East Energy are coming together to present the mega energy event for the MENA region. From April 7–9, 2026, Dubai World Trade Centre will host Intersolar Middle East Exhibition and Conference alongside the 50th Middle East Energy. Intersolar Middle East focusses on the areas of photovoltaics, PV production technologies, and energy storage systems. The combined event expects to attract more than 45,000 trade visitors from around the world and feature 1,900+ exhibitors.
Read Next
Renewable energy accounted for 31.7% of global electricity generation in 2024, with solar power contributing 2,105.8TWh, according to IRENA.
German solar and wind developer SoWiTec has announced insolvency due to excessive debt.
Renewables are the lowest-cost source of new energy generation in the US, despite increasing costs, according to Lazard.
The EU’s decision to ban funding for solar PV and energy storage projects lacks clarity, according to SolarPower Europe.
Qcells has completed EPC work on the 237MWdc Atlas V and 135MWdc Atlas VI solar projects in La Paz County, Arizona.
Metlen has acquired a 40% stake in a SPV owned by Tsakos Group to develop a 251.9MW solar-plus-storage project in central Greece.
Most Read
Features , Featured Articles , Long Reads
Upcoming Events
San Francisco Bay Area, USA
https://www.pv-tech.org/masdar-financial-close-5-2gw-19gwh-round-the-clock-solar-storage-project/
