BAKU, Azerbaijan, January 20. Masdar, a global
clean energy developer, and ENGIE, a leading low-carbon energy
company, have reached financial close for the 1.5-gigawatt Khazna
Solar Photovoltaic (PV) Independent Power Project, Trend reports via
Masdar.


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


The Khazna Solar PV project, awarded to Masdar and ENGIE in
October 2025, is backed by a 30-year Power Purchase Agreement (PPA)
with the Emirates Water and Electricity Company (EWEC). Scheduled
to begin commercial operations in 2028, the plant will generate
enough electricity to power approximately 160,000 homes and avoid
an estimated 2.4 million tonnes of carbon emissions annually,
supporting the UAE’s energy transition and national decarbonization
goals.


Mohamed Jameel Al Ramahi, CEO of Masdar, described the milestone
as a significant step in the UAE’s energy transformation. “The
Khazna Solar PV project adds to Masdar’s fast-growing portfolio and
strengthens our partnerships with EWEC and ENGIE. We look forward
to providing reliable, clean electricity to power the UAE’s
sustainable socioeconomic progress,” he said.







ENGIE CEO Catherine MacGregor said the project would serve as a
flagship for the UAE’s energy security and net-zero ambitions.
“This financial close represents a landmark in the development of a
mission-critical asset for the UAE’s path towards net zero by
2050,” she added.


EWEC CEO Ahmed Ali Alshamsi noted that Khazna Solar PV is the
utility’s fourth large-scale solar project and a key part of plans
to meet 60% of total power demand from renewable and clean energy
sources by 2035. “By pioneering large-scale renewable projects,
EWEC is taking tangible actions to ensure a secure and sustainable
energy supply for the nation,” he said.


The project underscores the UAE’s ongoing investments in
renewable energy, nuclear, and grid infrastructure to accelerate
the transition to a low-carbon energy system.