Abu Dhabi state renewables firm Masdar and France’s Engie announced financial close on their 1.5GW Khazna solar PV project on 19 January. Seven regional and international banks have provided financing facilities for the project which is due to start-up in 2028. The partners had signed a power purchase agreement (PPA) with Abu Dhabi state offtaker Ewec in October (MEES, 17 October 2025).
“As our fourth world-leading utility-scale solar project, Khazna Solar PV is a key asset that accelerates our progress towards meeting 60 per cent of total power demand from renewable and clean energy sources by 2035,” says Ewec CEO Ahmed Alshamsi. “By pioneering large-scale renewable projects, Ewec is taking tangible actions to ensure a secure and sustainable energy supply for the nation while supporting the UAE Net Zero by 2050 Strategic Initiative.” (CONTINUED - 202 WORDS)