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Masdar, Engie Reach Financial Close on 1.5GW Khazna Solar Project in Abu Dhabi

Backed by a 30-year EWEC power contract, the 60/40 Masdar–Engie venture now proceeds toward 2028 operations.

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Once online in 2028, Khazna is expected to power about 160,000 homes across the UAE. Image: Shutterstock
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Overview

  • Financing was secured with seven lenders: Abu Dhabi Islamic Bank, Crédit Agricole CIB, KfW IPEX, BNP Paribas, HSBC, Sumitomo Mitsui Trust Bank and Emirates Development Bank.
  • The project was awarded in October 2025 and will deliver power under a 30-year PPA with Emirates Water and Electricity Company.
  • Equity is split 60/40 between Masdar and Engie, with Engie leading bank negotiations while declining to disclose the debt share.
  • The 1.5GW plant, using nearly three million panels between Abu Dhabi and Al Ain, targets 2028 commercial operations, enough to supply about 160,000 homes and avoid roughly 2.4 million tonnes of CO2 annually.
  • Khazna is Engie’s largest PV asset globally and supports Abu Dhabi’s plan to reach 18GW of renewables by 2035, with the project also launching a regional collaboration with LONGi and PowerChina for more than 800MW of solar in MENA.