ENGIE and Masdar Advance UAE Energy Transition with Financial Close of Landmark Khazna Solar Project

ENGIE and Masdar Advance UAE Energy Transition with Financial Close of Landmark Khazna Solar Project

(IN BRIEF) ENGIE and Masdar have achieved financial close on the 1.5-gigawatt Khazna Solar PV project in the UAE, marking ENGIE’s largest photovoltaic development worldwide and one of the region’s most significant solar installations. Delivered under a 30-year power purchase agreement with Emirates Water and Electricity Company, the project will supply clean electricity to around 160,000 homes and cut more than 2.4 million metric tons of CO₂ emissions annually once operational in 2028. Backed by financing from seven major international and regional banks, the project supports the UAE’s Net Zero by 2050 strategy and Abu Dhabi’s renewable energy targets, while also serving as the inaugural project under a broader industrial partnership between ENGIE, LONGi, and PowerChina aimed at expanding large-scale solar deployment across the Middle East and North Africa.

(PRESS RELEASE) LA DÈFENSE, 19-Jan-2026 — /EuropaWire/ — ENGIE and Masdar have reached financial close on the Khazna Solar PV project in the United Arab Emirates, a major milestone for one of the largest photovoltaic developments in the region and the largest solar project ever undertaken by ENGIE globally. With a total installed capacity of 1.5 gigawatts, the project is located between Abu Dhabi and Al Ain and represents a significant step forward in the UAE’s renewable energy expansion.

Developed under a 30-year power purchase agreement signed in 2025 with Emirates Water and Electricity Company, the Khazna Solar PV project places responsibility for design, financing, construction, and long-term operation with ENGIE and Masdar. Once completed and fully operational in 2028, the facility is expected to supply clean electricity to approximately 160,000 homes while reducing Abu Dhabi’s carbon emissions by more than 2.4 million metric tons of CO₂ each year.

The project’s financing structure has been secured through a consortium of seven leading regional and international financial institutions, reflecting strong confidence in the project’s scale and strategic importance. The lenders include 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.

Khazna Solar PV plays a pivotal role in supporting the UAE’s long-term energy transition objectives, contributing directly to the national “Net Zero by 2050” strategy and Abu Dhabi’s ambition to source 60 percent of its electricity from renewable energy by 2035. The project strengthens energy security while advancing decarbonisation across the emirate’s power sector.

Beyond its immediate impact, Khazna Solar PV also represents the first implementation of a broader regional Cooperation Agreement between ENGIE, LONGi as the photovoltaic module supplier, and PowerChina as the engineering, procurement, and construction partner. This strategic industrial partnership is designed to enable the development of large-scale solar projects exceeding 800 megawatts across Saudi Arabia, the UAE, and Morocco, reinforcing the partners’ collective footprint across the Middle East and North Africa.

Paulo Almirante, Senior Executive Vice President at ENGIE responsible for Renewable and Flexible Power, highlighted the financial close as a key milestone that reinforces ENGIE’s position as a long-term partner in the Middle East’s energy transition, delivering utility-scale projects that enhance energy supply security while accelerating decarbonisation.

About ENGIE
ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses. Every year, ENGIE invests more than €10 billion to drive forward the energy transition and achieve its net-zero carbon goal by 2045. Turnover in 2024: €73.8 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and nonfinancial indices (DJSI World, Euronext Vigeo Eiris – Europe 120 / France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X).

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SOURCE: ENGIE