Masdar has achieved financial close for a 5.2 GW solar photovoltaic (PV) with a 19 GWh battery energy storage system (BESS) round-the-clock project in Abu Dhabi. The project represents a total investment of $6.1 billion. Masdar will be contributing $1 billion in equity for the project. The project is being developed in partnership with Emirates Water and Electricity Company (EWEC). Project construction commenced in October 2025. It is also expected that the project will commence operations in 2027.
The project has secured a $5.1 billion financing package from a consortium of international and local banks, including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Hongkong and Shanghai Banking Corporation, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and Societe Generale.
In June 2026, Masdar agreed to acquire a 49.99 percent stake in Repsol’s 705 MW renewable energy portfolio in Spain in a deal valuing the assets at €849 million. The portfolio comprises 13 wind farms with a combined capacity of 402 MW and 6 solar parks totaling 303 MW, all of which became operational in 2025 and the first quarter of 2026. It also includes a pipeline of more than 565 MW of potential hybrid projects involving wind, solar and battery storage.
