Masdar, the United Arab Emirates’ clean energy company, said on Monday it had secured financing for what it described as the world’s first gigascale round-the-clock renewable energy project in Abu Dhabi.
The project, which will require a total investment of $6.1 billion, will see Masdar contribute $1 billion in equity.
The company said it had reached financial close on a $5.1 billion financing package backed by a consortium of 13 international and local banks.
The lenders include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China, HSBC, KfW IPEX-Bank, Natixis and Sumitomo Mitsui Banking Corporation, among others.
The financing package “demonstrates strong market confidence in both the project’s commercial viability and Masdar’s ability to deliver complex energy infrastructure at scale,” the company said in a statement.
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The project will comprise a 5.2-gigawatt (GW) solar photovoltaic plant integrated with a 19-gigawatt-hour (GWh) battery energy storage system. It is being developed jointly by Masdar and Emirates Water and Electricity Company (EWEC).
Masdar said the project would be the world’s largest and most technologically advanced integrated solar photovoltaic and battery energy storage facility capable of delivering round-the-clock renewable power.
The company, which broke ground on the project in October 2025, expects it to begin operations in 2027.
“The 24/7 renewable energy project remains a cornerstone of the UAE’s clean energy strategy, contributing to energy security and economic diversification,” Masdar said.
Masdar currently has a diversified portfolio of more than 65 GW spanning solar, onshore wind, offshore wind, battery energy storage and hybrid renewable energy projects.
The company aims to expand its global renewable energy portfolio to 100 GW by 2030 as it seeks to become one of the world’s largest renewable energy companies.
Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company and Abu Dhabi National Energy Company (TAQA).
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