Emirates Water and Electricity Company (EWEC) has signed a collaboration framework agreement (CFA) with Masdar to accelerate the development of renewable energy projects across the UAE. The agreement supports EWEC’s plans to deploy more than 30 GW of solar PV capacity and over 8 GW of battery energy storage aligning with Abu Dhabi’s Clean Energy Strategy 2035 and the UAE Net Zero 2050 initiative.
In January 2026, TAQA, EWEC, Masdar, EDF power solutions, and Jinko Power issued $870.75 million in long-term green bonds to refinance the Al Dhafra Solar PV project. The project, commissioned in 2023, features roughly four million bifacial solar panels and water-free robotic cleaning technology. The bond issuance, coordinated by BNP Paribas and HSBC, carries a 5.79 per cent coupon and matures in June 2053. The project is owned 40 per cent by TAQA while Masdar, EDF power solutions and Jinko Power each hold a 20 per cent stake.
In January 2026, Masdar and ENGIE 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.
