BAKU, Azerbaijan, July 13. Masdar has announced
financial close for the world’s first gigascale 24/7 renewable
energy project, securing a $5.1 billion financing package from a
consortium of 13 international and local banks.


The project, known as the RTC (round-the-clock) renewable energy
project, is being developed in Abu Dhabi by Masdar and the Emirates
Water and Electricity Company (EWEC). It represents a total capital
investment of $6.1 billion, including $1 billion in equity
financing from Masdar.


The project combines a 5.2 GW solar photovoltaic (PV) plant with
a 19 GWh battery energy storage system (BESS), making it the
largest and most technologically advanced system of its kind
globally, according to Masdar.


The financing consortium includes 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, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking
Corporation, Standard Chartered Bank and Societe Generale.


“Financial close demonstrates that large-scale renewable energy
projects capable of delivering round-the-clock power have evolved
from technical ambition to commercially bankable infrastructure,”
Masdar said.


The company noted that the project addresses one of the key
challenges of renewable energy — intermittency — by combining
large-scale solar generation with energy storage.







“As electricity demand accelerates, driven by AI, data centers,
and advanced manufacturing, the project establishes a new benchmark
for financing reliable, utility-scale clean energy projects,”
Masdar said.


The company added that the milestone highlights its ability to
attract institutional capital and deliver complex renewable energy
infrastructure projects in cooperation with governments, utilities
and financial institutions.


Construction of the project began in October 2025, with
operations expected to start in 2027.


The RTC project is considered a key element of the UAE’s clean
energy strategy, supporting energy security and economic
diversification.


Masdar's global renewable energy portfolio is expected to avoid
more than 14 million tonnes of carbon dioxide emissions annually.
The company is also developing green hydrogen projects aimed at
supporting the decarbonization of hard-to-abate sectors, including
heavy industry, shipping, aviation and long-haul transport.