Abu Dhabi Future Energy Company PJSC – Masdar has reached financial close on what it describes as the world's first gigascale round-the-clock renewable energy project, securing a $5.1 billion financing package from a consortium of 13 international and local banks to help fund the $6.1 billion development in Abu Dhabi.

A Project Built to Deliver Continuous Clean Power

The project, being developed jointly by Masdar and Emirates Water and Electricity Company (EWEC), combines a 5.2 gigawatt solar photovoltaic plant with a 19 gigawatt-hour battery energy storage system.

Together, the two components are designed to deliver 1 gigawatt of uninterrupted clean power around the clock, directly addressing the intermittency challenge that has long been considered a structural limitation of renewable energy at scale.

Masdar describes the integrated system as the largest and most technologically advanced of its kind in the world. The company broke ground on the project in October 2025 and expects it to be operational in 2027. Masdar is contributing $1 billion in equity, with the remaining $5.1 billion coming from the banking consortium.

Thirteen Banks Back the Financing Package

The breadth of the lending group reflects what Masdar characterizes as strong market confidence in both the project's commercial fundamentals and the company's track record in delivering large-scale energy infrastructure.

The 13 institutions providing financing are 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, the Hongkong and Shanghai Banking Corporation, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and Société Générale.

The mix of lenders spans major Gulf financial institutions alongside European, Asian, and global banks, underscoring international appetite for utility-scale clean energy projects that can demonstrate bankable, round-the-clock power delivery.

Mazin Khan, Chief Financial Officer at Masdar, said the financing commitment demonstrates confidence from the international banking community not only in the project itself but also in Masdar's financial strength, disciplined execution, and long-term growth strategy.

Khan added that the milestone further demonstrates Masdar's ability to mobilize global capital at scale while delivering innovative renewable infrastructure that supports long-term economic growth and energy security.

Setting a New Commercial Benchmark

Masdar framed the financial close as evidence that large-scale renewable energy projects capable of delivering round-the-clock power have moved beyond technical ambition and into the realm of commercially bankable infrastructure.

The company pointed to accelerating electricity demand driven by artificial intelligence, data centers, and advanced manufacturing as a factor making reliable, utility-scale clean energy increasingly critical.

The project is positioned as establishing a new benchmark for financing baseload clean energy, demonstrating that the integration of solar generation with large-scale battery storage can satisfy the requirements of institutional lenders accustomed to funding conventional dispatchable power generation.

For the UAE, the round-the-clock renewable project is described as a cornerstone of the country's clean energy strategy, contributing to both energy security and economic diversification goals.

Masdar's Broader Growth Trajectory

The financial close adds to Masdar's expanding global renewable energy platform. The company currently holds a diversified portfolio of more than 65 gigawatts spanning established and high-growth renewable energy markets. That portfolio covers the full spectrum of renewable technologies, including solar, onshore wind, offshore wind, battery energy storage, and hybrid solutions.

Masdar has stated a target of reaching 100 gigawatts of renewable energy capacity by 2030, which it says it is pursuing through disciplined growth across priority markets. The company's recent activity reflects that ambition.

Separately, Masdar and TotalEnergies have announced plans to form a USD 2.2 billion joint venture to accelerate renewable energy growth in Asia. Masdar has also been exploring the development of a gigascale 24/7 renewable energy project in Uzbekistan in partnership with EUDC, and has signed a strategic framework agreement with EWEC to rapidly scale renewable energy and drive national decarbonization goals in the UAE.

Addressing the Core Challenge of Renewable Intermittency

The round-the-clock project's significance lies in its direct response to what has historically been the central obstacle to deploying solar and wind energy as replacements for fossil fuel-based baseload generation.

Conventional solar power produces electricity only when sunlight is available, creating supply gaps that must be filled by storage, backup generation, or grid balancing.

By pairing 5.2 gigawatts of solar capacity with 19 gigawatt-hours of battery storage, the project is engineered to maintain a continuous 1 gigawatt output regardless of solar conditions.

Achieving financial close at this scale means the project's design and revenue structures have withstood scrutiny from 13 separate lending institutions, each conducting independent due diligence on the technology stack, offtake arrangements, and long-term cash flow projections underpinning the $6.1 billion investment.

That outcome carries implications for future project developers and financiers assessing whether similar round-the-clock renewable configurations can be replicated in other markets and geographies.

Powering Ahead: Your Competitive Edge in the UAE Energy Sector

Every megawatt of opportunity in the UAE comes with a window, and that window does not stay open forever. Whether you are pursuing utility-scale solar, gas-fired generation, or grid infrastructure, the difference between winning and watching often comes down to who has the right intelligence at the right time.

The Global Project Tracking (GPT) platform by Blackridge Research is built for energy professionals who need a clear, continuously updated view of the power project landscape across the UAE. From early planning stages through to completion, the platform puts structured, actionable data directly in front of the teams that need it most.

Coverage across the UAE spans the full spectrum of power sector activity, giving developers, contractors, and investors a single source of truth for a market defined by rapid capacity expansion and ambitious national energy targets.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See exactly how the Global Project Tracking (GPT) platform by Blackridge Research can sharpen your power sector strategy in the UAE. Book a Free Demo with our team today.