Masdar Achieves Financial Close for World-First US$6. 1 Billion Gigascale 24/7 Clean Energy Project - Business Today Middle East
Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has achieved financial close for the world’s first gigascale24/7 renewable energy project, marking a major step forward in the. . .
Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has achieved financial close for the world’s first gigascale24/7 renewable energy project, marking a major step forward in the development of next-generation clean energy infrastructure. The project has secured aUS$5. 1 billion financing packagebacked by a consortium of 13 leading international and regional banks, highlighting strong confidence in the project’s commercial viability and Masdar’s ability to deliver large-scale, complex energy infrastructure. With a total investment value ofUS$6. 1 billion, includingUS$1 billion in equity funding from Masdar, the round-the-clock (RTC) project is being developed in Abu Dhabi by Masdar in partnership with theEmirates Water and Electricity Company (EWEC). The pioneering facility will combine a5. 2GW solar photovoltaic (PV) plantwith a19 gigawatt-hour (GWh) battery energy storage system (BESS), creating the world’s largest and most advanced integrated renewable energy and storage system of its kind. The financing was secured through a consortium comprisingAbu 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 Société Générale. The successful financial close demonstrates that large-scale renewable energy solutions capable of providing continuous power supply have moved beyond technological ambition to become commercially viable infrastructure investments. As global electricity demand continues to rise, driven by artificial intelligence (AI), data centres and advanced manufacturing, the project is expected to set a new benchmark for financing reliable utility-scale clean energy projects while addressing the challenge of renewable energy intermittency. For Masdar, the milestone reinforces its ability to attract global investment and mobilise institutional capital to deliver increasingly sophisticated renewable energy projects in collaboration with governments, utilities and financial institutions. Mazin Khan, Chief Financial Officer at Masdar, said the company was pleased to secure support from a diverse group of leading local and international banks for the landmark project. He added that the financing commitment reflects the banking sector’s confidence in Masdar’s financial strength, execution capabilities and long-term growth strategy, while demonstrating the company’s ability to mobilise capital at scale and deliver innovative renewable infrastructure that supports economic growth and energy security. Masdar commenced construction of the project inOctober 2025, with operations expected to begin in2027. The 24/7 renewable energy project represents a key pillar of the UAE’s clean energy strategy, supporting energy security and economic diversification. Masdar currently manages a renewable energy portfolio exceeding65GW, covering a broad range of technologies including solar power, onshore wind, offshore wind, battery energy storage and hybrid renewable solutions across established and emerging markets. With a target of reaching100GW of renewable energy capacity by 2030, Masdar continues to expand its global clean energy platform by delivering reliable, affordable and sustainable power solutions to meet growing global electricity demand.