Masdar and ENGIE have achieved financial close for the 1.5 GWac Khazna solar photovoltaic independent power project in Abu Dhabi. The financing package has been secured from seven regional and international lenders, 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. The project was awarded to Masdar and ENGIE in October 2025.
Following the award, the project company owned by Masdar and ENGIE entered into a 30-year power purchase agreement with Emirates Water and Electricity Company. Additionally, the project is structured as an independent power project and is scheduled to commence commercial operations in 2028. Once operational, the Khazna solar project is expected to generate sufficient electricity to supply around 160,000 homes annually.
In January 2026, Masdar, together with Al Khadra Partners, Korea Midland Power Co. Ltd, and OQ Alternative Energy, achieved financial close for the Ibri III solar independent power project. Financing has been secured from Natixis Corporate and Investment Banking and First Abu Dhabi Bank, covering a substantial portion of the project’s total cost of around $300 million. The project is being developed for Nama Power and Water Procurement.
