ENGIE and Masdar reach financial close on 1.5-GW solar project in the UAE

ABU DHABI, January 20, 2026 – ENGIE and Masdar have reached financial close on the 1.5-GW Khazna Solar PV project in Abu Dhabi, the companies announced on Monday.

The facility, one of the region’s largest PV projects and the largest ever developed by ENGIE, is situated between Abu Dhabi and Al Ain and will generate enough electricity to power approximately 160,000 households while avoiding more than 2.4 million tonnes per year of carbon dioxide emissions.

Operations are scheduled to begin in 2028 under a 30-year power purchase agreement with Emirates Water and Electricity Company (EWEC).

ENGIE and Masdar have secured financing from seven international and regional banks, including Abu Dhabi Islamic Bank, BNP Paribas, Crédit Agricole, KfW IPEX, HSBC, Sumitomo Mitsui Trust Bank and Emirates Development Bank.

The project is the first initiative under an industrial partnership involving ENGIE, PV panel manufacturer LONGi and civil engineering and infrastructure company PowerChina to develop solar projects above 800 MW in capacity in Morocco, Saudi Arabia and the UAE.

“In collaboration with EWEC and Masdar, the Khazna Solar PV will operate as a flagship project to both the UAE’s national energy security and its long-term decarbonisation ambitions, and we are proud to reach this milestone as we look ahead to full commercial operations,” said Catherine MacGregor, CEO of ENGIE.

ENGIE is a global energy company headquartered in France that engages in lower-carbon power generation, infrastructure development and energy services. The company has more than 28 GW of installed capacity in the GCC, of which 9.7 GW in the UAE. Masdar, based in Abu Dhabi, is a developer of renewable energy assets with a portfolio totalling more than 65 GW across 45 countries.

Read our latest insights on: