ENGIE And Masdar Secure Financial Close For 1.5 GW Khazna Solar Project In Abu Dhabi

ENGIE and Masdar have achieved financial close on the 1.5 GW Khazna Solar PV project in Abu Dhabi, marking a major step forward for the United Arab Emirates' renewable energy ambitions. The project is located between Abu Dhabi and Al Ain and is considered one of the region's largest photovoltaic developments. It is also the biggest solar plant ENGIE has ever undertaken worldwide. A 30-year power purchase agreement was signed with Emirates Water and Electricity Company in 2025, under which ENGIE and Masdar will take responsibility for designing, financing, constructing, and operating the project. With commercial operation expected to start in 2028, the Khazna Solar PV plant will generate enough clean electricity to power about 160,000 homes across the emirate. This large-scale output will contribute to reducing Abu Dhabi's carbon emissions by more than 2.4 million metric tons of CO₂ every year. The project supports the UAE's long-term climate goals, including the national Net Zero by 2050 initiative and Abu Dhabi's target to meet 60% of electricity demand from renewable sources by 2035.