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Abu Dhabi Future Energy Company (Masdar) and Emirates Water and Electricity Company (EWEC) have reached financial close on a $5.1 billion debt financing package for their flagship solar-plus-storage development in Abu Dhabi. The project is being billed as the world’s first renewable energy facility capable of delivering 1 GW of uninterrupted clean electricity 24 hours a day, seven days a week.
With Masdar contributing an additional $1 billion in equity, the development represents a total investment of $6.1 billion, making it one of the largest-ever financings for an integrated renewable energy and battery storage project.
The project will integrate a 5.2 GW solar photovoltaic (PV) plant with a 19 GWh battery energy storage system (BESS), enabling continuous delivery of up to 1 GW of renewable power around the clock.
Originally unveiled in January 2025, construction began in October 2025, with commercial operations expected to commence in 2027.
According to Masdar, securing financing for the project demonstrates that large-scale renewable plants paired with energy storage have progressed beyond technical demonstrations and are now considered commercially bankable infrastructure.
The financing has been arranged through a syndicate of 13 international and regional financial institutions, highlighting growing confidence among lenders in utility-scale renewable projects integrated with battery storage.
The participating banks include 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, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and Societe Generale.
Masdar has awarded major battery supply contracts to Chinese manufacturers for the project’s storage component.
Sungrow will supply 7.5 GWh of its PowerTitan 3.0 energy storage systems alongside 2.6 GW of photovoltaic inverter technology. BYD Energy Storage will provide an additional 11.275 GWh of battery storage capacity.
Earlier, the developers had also selected JA Solar, JinkoSolar, and CATL as preferred equipment suppliers. Engineering, procurement and construction (EPC) responsibilities have been assigned to Larsen & Toubro (L&T) and POWERCHINA.
The Abu Dhabi project establishes a new global benchmark for integrated renewable energy and storage. At 19 GWh, it is the largest battery storage system ever financed, exceeding the installed battery storage capacity of many countries. The oversized 5.2 GW solar plant, spread across roughly 90 square kilometres, is designed to generate surplus daytime electricity that fully charges the battery system, allowing it to sustain 1 GW of continuous output throughout the night.
Backed by $6.1 billion in total investment, including $1 billion in Masdar equity and debt from a 13-bank consortium, the project is expected to begin operations in 2027. EWEC will serve as the primary offtaker, while rapidly growing electricity demand from AI-driven data centres has been identified as one of the key demand drivers.
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