ENGIE and Masdar have reached financial close on the Khazna Solar PV project in the United Arab Emirates.

The developers said the plant, located between Abu Dhabi and Al Ain, is the largest photovoltaic project ENGIE has undertaken.

They added that the project is being delivered under a 30-year power purchase agreement signed with Emirates Water and Electricity Company in 2025.

Financing has been secured from seven regional and international banks including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, Hong Kong and Shanghai Banking Corporation, Sumitomo Mitsui Trust Bank and Emirates Development Bank.

The facility is due to start commercial operations in 2028 and is expected to generate enough electricity to power about 160,000 homes and cut more than 2.4 million tonnes of CO₂ annually.

Khazna Solar PV is the first project under a wider cooperation agreement between ENGIE, LONGi and PowerChina to deliver large-scale solar schemes over 800MW across the Middle East and North Africa.

“Reaching financial close on Khazna Solar PV is a major milestone and underscores ENGIE’s role as a trusted partner in the Middle East’s energy transition, delivering large-scale projects that strengthen energy supply security and advance decarbonisation,” said Paulo Almirante, ENGIE senior executive vice president in charge of renewable and flexible power.

More information:https://renews.biz/107491/engie-and-masdar-seal-funding-for-15gw-khazna-solar/