Log In
Published on 01/19/2026 at 03:46 am EST
ENGIE and Masdar, a global leader in clean energy, have reached financial close on the 1.5-gigawatt (GW) Khazna Solar PV project, located between Abu Dhabi and Al Ain.
This milestone marks a turning point in one of the region’s largest solar projects and ENGIE’s largest photovoltaic plant worldwide. The project, awarded in October 2025, will be delivered under a 30-year power purchase agreement (PPA) with Emirates Water and Electricity Company (EWEC).
Financing Secured with Top-Tier Partners
Financing has been secured from seven major 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.
A Landmark Project for the UAE’s Energy Transition
Scheduled to begin commercial operations in 2028, the Khazna Solar PV project will generate enough electricity to power around 160,000 Emirati homes and avoid 2.4 million metric tons of CO₂ emissions annually, supporting the UAE’s “Net Zero by 2050” strategic initiative and Abu Dhabi’s target to meet 60% of electricity demand from renewable sources by 2035.
Inaugural Project under a Broader Strategic Industrial Partnership
Khazna Solar PV also marks the first deployment of a regional Cooperation Agreement between ENGIE, LONGi (PV panel supplier) and PowerChina (EPC – engineering, procurement and construction), combining their expertise and resources to develop large-scale solar projects over 800 MW in Saudi Arabia, the UAE and Morocco, and expand their footprint across the Middle East and North Africa.
Paulo Almirante, ENGIE Senior Executive Vice President in charge of Renewable and Flexible Power, said: “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.”
Can Engie’s stockmarket rally last?
January 07, 2026 at 07:21 am EST
Engie maintains 2025 guidance despite weaker hydro and power spreads
Engie CEO Expects Gas Volatility in Europe to End in 2026
Trader
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Currency / Forex
Commodities
Cryptocurrencies
Interest Rates
Best financial
portal
More than 20 years
at your side
+ 1,300,000
members
Quick & easy
cancellation
Our Experts
are here for you
OUR EXPERTS ARE HERE FOR YOU
Monday – Friday 9am-12pm / 2pm-6pm GMT + 1
Select your edition
All financial news and data tailored to specific country editions
NORTH AMERICA
MIDDLE EAST
EUROPE
APAC
