Clean energy company Masdar has achieved financial close on the world’s first gigascale, round-the-clock (RTC) renewable energy project, with a total investment of $6.1bn (Dh22.4bn).
The project is being developed by Masdar in partnership with the Emirates Water and Electricity Company (EWEC) in Abu Dhabi.
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The facility will combine a 5.2GW solar photovoltaic (PV) plant with a battery energy storage system (BESS) capable of 19GW-hours (GWh).
This RTC project is described as the largest and most technically advanced system of its type globally.
A consortium of 13 international and local banks is providing $5.1bn in financing for the project, with Masdar supplying $1bn in equity.
Funding for the development has been provided by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, and Dubai Islamic Bank.
Additional lenders include First Abu Dhabi Bank, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and Société Générale.
According to Masdar, the funding agreement signals support for large-scale, RTC renewable energy infrastructure designed to address intermittency.
The company started construction of the project in October 2025, with completion and operational status expected in 2027.
The 24/7 renewable energy project is a core part of the United Arab Emirates’ clean energy strategy, intended to support energy security and economic diversification in the region.
Rising electricity demand from sectors such as AI, data centres and advanced manufacturing is a key context for the project.
Masdar views the completion of this milestone as evidence of its ongoing ability to secure institutional investment and deliver complex renewable infrastructure alongside public and private sector partners.
Masdar CFO Mazin Khan said: “We are pleased to have secured funding from such a broad and highly respected group of local and international banks in support of this pioneering project.
“This significant financing commitment demonstrates the confidence of the international banking community not only in a landmark project but also in Masdar’s financial strength, disciplined execution and long-term growth strategy.”
Masdar’s portfolio comprises more than 65GW of renewable energy projects across both established and emerging markets.
Its assets include a diverse mix of technologies including solar, onshore and offshore wind, battery storage and hybrid systems.
Last month, Masdar began construction of a 1GW wind farm in Kazakhstan’s Zhambyl region, its first renewable energy project in the country.
