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Masdar’s latest Power to Change film takes us to Rügen Island, the largest in Germany and home to the Baltic Eagle offshore wind farm, the inaugural joint venture project between Masdar and Iberdrola

Masdar's first renewable energy project in Germany, Baltic Eagle has a capacity of 476 megawatts (MW) and supplies around 475,000 households with clean electricity while reducing carbon dioxide emissions by about 800,000 tons per year.

“For Masdar, Baltic Eagle is more than a project,” says Husain Al Meer, Executive Director, for Masdar’s Global Offshore Wind & UK operation. “It reflects our confidence in Germany as a vital market and a key part of Masdar’s long-term European industrial strategy.”

The development of Baltic Eagle also created an estimated 4,000 jobs across the renewable energy value chain, with suppliers drawn from across Europe as the project came together.

“A defining moment was the first time when I'd see the turbines standing, spinning and exporting clean energy that will support the energy transition in Europe,” says Iberdrola’s Francisco Lopez, the offshore installation manager for Baltic Eagle.

Baltic Eagle, which became fully operational last year, is part of a broader €15 billion strategic partnership with Iberdrola to accelerate clean energy deployment across key markets including the UK and Germany. Signed in December 2023, the Masdar–Iberdrola partnership is one of the largest bilateral alliances in the global clean energy sector.

“We are proud to be a partner with Germany and Europe, and we share a common commitment to drive innovation, strengthen industrial competitiveness, and support sustainable economic growth,” says Al Meer.

“Every turbine I see is clearly contributing to supplying Germany's population and industry, says Leon Kräusche, Mayor of Sassnitz, a resort town in Rügen. “We have no choice other than to pursue this new energy policy. The wind project is an integral part of Rügen Island, and we consider it our responsibility.”

• Masdar signs collaboration agreement with AGEC during visit to Azerbaijan of His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser

• Masdar will explore new renewable energy projects in Azerbaijan, including 350MW expansion of Masdar’s landmark Garadagh Solar PV project and addition of battery energy storage

• • Masdar to also explore development of a 100MW round-the-clock renewable energy project, building on its pioneering RTC project in Abu Dhabi

• Masdar and SOCAR Green announce financial close for 315MW Neftchala Solar PV project

In the presence of His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, and His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, signed a collaboration agreement with Azerbaijan Green Energy Company (AGEC) to explore the development of new renewable energy projects in Azerbaijan. Masdar and SOCAR Green also announced they have reached financial close on the 315MW Neftchala Solar PV project.

The collaboration agreement includes plans to explore the potential expansion of Masdar’s 230-megawatt (MW) Garadagh Solar PV by a minimum of 350MW, together with the addition of a battery energy storage system (BESS) of up to 200 megawatt-hours (MWh).

Masdar and AGEC will also explore the development of a 100MW round-the-clock (RTC) renewable energy project. The project would build on Masdar’s pioneering work in Abu Dhabi, where it is developing a world-first US$6.1 billion gigascale RTC renewable energy project.

The agreement was signed by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Khayala Naghiyeva, Deputy Chairman of the Executive Board of AGEC.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Mir Jamal Pashayev, Chief Executive Officer of Azerbaijan Green Energy Company, said:

Khayala Naghiyeva, Deputy Chairman of Executive Board of AGEC, said:

Neftchala financial close

Masdar and SOCAR Green, a wholly owned subsidiary of Azerbaijan’s SOCAR state oil company, are co-developing the Neftchala project, in collaboration with the Ministry of Energy. Financing is being provided by the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB).

The signatories were Dr Al Jaber, Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, and Parviz Shahbazov, Minister of Energy.

Located in the Neftchala district of Azerbaijan, the project is expected to generate more than 686 million kilowatt-hours of renewable electricity annually, enough to power around 140,000 homes, while avoiding approximately 280,000 tonnes of carbon emissions each year.

Pioneering renewable energy in Azerbaijan

Masdar has established a strong track record in Azerbaijan since entering the market with the Garadagh project, inaugurated in 2023. Garadagh, which was also Azerbaijan’s first foreign investment-based independent utility-scale solar power project, generates approximately 500 million kilowatt-hours (kWh) of electricity annually, enough to power more than 110,000 homes.

In addition to the Neftchala project, Masdar is also developing two other projects with SOCAR Green – the 445MW Bilasuvar solar project and the 240MW Absheron-Garadagh onshore wind project – taking Masdar’s total capacity in Azerbaijan to over 1.2GW.

Growing RTC experience

The proposed RTC development would draw on Masdar’s growing experience in combining renewable generation with large-scale battery storage to provide reliable and dispatchable electricity.

The gigascale RTC project in Abu Dhabi, which Masdar is developing with Emirates Water and Electricity Company (EWEC), combines a 5.2-gigawatt (GW) solar photovoltaic plant with a 19GWh BESS to deliver up to 1GW of baseload renewable power 24 hours a day. The project reached financial close in July 2026.

Masdar has a diversified portfolio of more than 65GW, spanning both established and high-growth renewable energy markets and covering the full spectrum of renewable technologies, including solar, onshore wind, offshore wind, battery energy storage and hybrid solutions. With a clear pathway to 100GW of renewable energy capacity by 2030, Masdar continues to expand its global platform through disciplined growth across priority markets, delivering reliable, affordable clean power to meet the world's rapidly growing electricity demand.

• Čibuk complex reaches 312MW of installed capacity, representing more than €500 million of foreign direct investment in Serbia, and powering around 178,800 homes

• Project strengthens Serbia's energy security with dependable, competitively priced domestic generation, supporting nation’s target of renewables reaching 45% of electricity mix

• Masdar's additional Serbian pipeline of more than 200MW across solar, wind and battery storage establishes platform for growth across wider region and Central and Eastern Europe

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and Taaleri Energia, a Finnish renewable energy fund manager, today inaugurated the 154-megawatt (MW) Čibuk 2 wind farm, creating the largest wind power hub in Serbia and the Western Balkans.

Čibuk 2 sits alongside the 158MW Čibuk 1 wind farm in Serbia's South Banat region, around 40km from Belgrade. Together, the two projects have a total installed capacity of 312MW, providing enough clean electricity to power around 178,800 households. The combined projects represent more than €500 million of foreign direct investment in Serbia’s energy infrastructure.

The wind farm was inaugurated at a ceremony in Belgrade attended by HE Dubravka Đedović Handanović, Minister of Mining and Energy, Republic of Serbia, HE Ahmed Almenhali, Ambassador of the United Arab Emirates to the Republic of Serbia, Ms. Elina Ollila, Deputy Ambassador of Finland to the Republic of Serbia, and the leadership of Masdar and Taaleri Energia.

Strengthening Serbia's energy security

As Serbian electricity demand grows, Čibuk 2 will deliver dependable, competitively priced, domestically generated power for decades, reducing exposure to fuel price volatility and supporting a more resilient, diversified energy system. Beyond the operational Čibuk complex, Masdar has a Serbian development pipeline of more than 200MW spanning solar, wind and battery storage projects. Serbia offers significant long-term growth potential, with plans to bring around 3.5 gigawatts (GW) of new wind and solar capacity online by 2030 and to achieve 45 percent of electricity generation from renewables in the same timeframe.

Her Excellency Dubravka Đedović Handanović, Minister of Mining and Energy, Republic of Serbia commented:

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar commented:

Kai Rintala, Managing Director, Taaleri Energia commented:

Delivering economic and community value

During construction of Čibuk 2, more than 1,000 people were engaged across the workforce, subcontractors and project management, the majority of them local to the South Banat region. Comprising 22 Nordex turbines, Čibuk 2 will generate up to 336,000 megawatt-hours (MWh) of clean electricity annually, enough to power around 80,000 homes, while avoiding approximately 311,200 tonnes of carbon dioxide emissions each year. The wind farm is 50/50 owned by Masdar and Taaleri Energia and was developed in partnership with New Energy Solutions.

Masdar has built one of the world’s leading renewable energy portfolios, with more than 65GW of capacity across established and high-growth renewable energy markets, spanning technologies including solar, onshore wind, offshore wind, battery storage and hybrid solutions. With a clear pathway to 100GW of energy capacity by 2030, Masdar continues to expand through disciplined investment in strategic markets, delivering reliable, affordable clean power to meet rapidly growing electricity demand while supporting energy security and economic growth.

• Masdar signs agreement with RWE on future offshore wind partnerships with an indicative investment value exceeding €3 billion

• Masdar also signs agreement with Luxcara to explore potential joint investments in battery storage and also offshore wind projects in Germany in excess of €5 billion

• Potential investments reinforce the UAE’s role as long-term strategic partner in Europe’s energy sector

• Agreements build on Masdar’s 15.6GW European platform and track record in Germany through 476MW Baltic Eagle Offshore Wind Farm

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has signed two strategic agreements with leading European energy partners during the State Visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates to Germany, reinforcing the UAE’s growing role as a long-term investor and strategic energy partner in Germany and Europe.

The agreements span offshore wind and battery energy storage, demonstrating Masdar’s commitment to invest in the infrastructure needed to strengthen Europe’s energy security, boost industrial competitiveness and meet growing electricity demand.

Masdar signed a Memorandum of Understanding with RWE to consider joint participation in future German offshore wind auctions. This agreement has an indicative investment value exceeding €3 billion and builds on Masdar and RWE's long-standing partnership.

In a separate agreement, Masdar and Luxcara, an independent German asset manager for energy infrastructure, signed a Memorandum of Understanding to establish a strategic partnership for the energy transition in Germany and wider Europe Under the agreement, the parties will explore strategic investment in battery energy storage systems (BESS) and also in offshore wind, and potentially other technologies, with a potential overall value in excess of EUR 5 billion.

Together, the agreements reflect the scale and breadth of Masdar’s ambitions to further expand its European platform through long-term investment and strategic partnerships. The agreements also highlight the broader strategic relationship between the UAE and Germany and the growing contribution of UAE investment and expertise to Europe’s energy sector.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Masdar has an established track record in Germany, with the 476MW Baltic Eagle offshore wind farm becoming fully operational last year. The project forms part of a wider European offshore wind portfolio that includes the 630MW London Array, Dudgeon, Hywind Scotland and the 1.4GW East Anglia THREE project.

Masdar and RWE are already partnering in major UK offshore wind projects, as co-investors in London Array, and jointly advancing the 3GW Dogger Bank South projects off the northeast coast of England.

The Luxcara agreement would further broaden Masdar’s European platform by combining offshore wind with battery energy storage. Storage is becoming increasingly important as renewable capacity grows, helping strengthen grid flexibility and enabling clean electricity to be dispatched when it is needed.

Masdar’s European presence has expanded significantly in recent years through investment and acquisitions across the UK, Germany, Spain, Portugal and Southeastern and Central Europe. The company has invested over US$13 billion in Europe and has developed a portfolio of over 15.6GW. Masdar continues to pursue disciplined growth in priority markets as it advances towards its target of 100GW of renewable energy capacity by 2030.

Reflecting the UAE’s longstanding commitment to supporting a more sustainable future and expanding the deployment of renewable energy solutions globally, the inauguration of three solar power plants in the Union of the Comoros demonstrates how the UAE is leveraging its clean energy expertise and capabilities to help strengthen global energy security. The plants were financed by Abu Dhabi Fund for Development (ADFD), implemented by Abu Dhabi Future Energy Company PJSC – Masdar, and managed by Global South Utilities (GSU).

The project was inaugurated by Azali Assoumani, President of the Union of the Comoros, in the presence of Jumaa Rashid Alromaithi, Ambassador of the UAE to the Union of the Comoros; Ahmed Khamis Alkalbani, Representative of Abu Dhabi Fund for Development; Dr. Mohamed Alzarooni, Head of Projects at Masdar; Ali Abdulla Alshimmari, Managing Director and Chief Executive Officer of Global South Utilities; and a number of senior officials from both countries.

The project, financed by ADFD at approximately AED84.4 million, comprises three solar photovoltaic (PV) plants with a total installed capacity of approximately 20 MW: 12.86 MW on Grande Comore, 4.05 MW on Anjouan and 3.1 MW on Mohéli. It also includes battery energy storage systems with a capacity of 16 megawatt-hours (MWh) and a power output of 8 MW across Grande Comore and Anjouan, as well as approximately 30 kilometres of 20-kilovolt (kV) medium-voltage overhead transmission lines.

Technical studies indicate that the three plants will generate approximately 33.75 GWh of clean electricity annually, equivalent to meeting the needs of around 17,500 households and avoiding approximately 20,900 tonnes of carbon dioxide emissions each year.

Regarding the inauguration, Azali Assoumani, President of the Union of the Comoros, said,

Jumaa Rashid Alromaithi, Ambassador of the UAE to the Union of the Comoros, said:

Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Ali Abdulla Alshimmari, Managing Director and Chief Executive Officer of Global South Utilities, said:

The project comes at a time when the Union of the Comoros is facing mounting challenges in its electricity sector, including heavy reliance on imported diesel. In 2024, imported diesel accounted for 91% of the country’s energy mix, while electricity demand reached 254 GWh, compared with actual generation of just 150 GWh. The country also experienced approximately 3,000 power outages during the year.

The project’s expected annual solar generation is equivalent to approximately 13.3% of total electricity demand and 22.5% of actual generation. It will help improve the efficiency of the energy system and strengthen its capacity to respond to rising demand, while helping to diversify electricity sources and reduce exposure to fluctuations in imported fuel, supporting economic activity and helping build a more stable and efficient power system.

• Commercial operations begin at 35MW/70MWh Rochdale project, which provides clean power for 35,000 homes per day

• Plant can respond to changes in electricity demand in milliseconds, helping to maintain grid stability, and will provide balancing services to grid operator

• Masdar is committed to investing £1 billion to develop 3GWh pipeline of storage projects in UK, part of its wider commitment to enhancing nation’s energy security

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has strengthened its commitment to UK energy security with its second battery energy storage system (BESS) project in the country starting commercial operations. The opening of the facility in Rochdale is the latest milestone in Masdar’s planned £1 billion investment program in BESS projects in the UK.

The 35-megawatt (MW)/70-megawatt-hours (MWh) Rochdale plant will provide enough clean power for 35,000 homes per day, based upon two charging and discharging cycles per day. The facility will also provide critical grid balancing services, responding to fluctuations in supply and demand within milliseconds to help maintain a secure and reliable electricity network.

£1 billion investment in UK energy infrastructure

Following its acquisition of Arlington Energy in 2022, Masdar committed to developing a 3 gigawatt-hours (GWh) pipeline of BESS projects in the UK, one of the largest in the country. The portfolio will play a vital role in supporting the integration of renewables into the country’s energy mix and enhancing grid stability, with the aim of lowering consumer bills.

The investment is aligned with the UK government’s Clean Power 2030 Action Plan, which is targeting building up to 27GW of battery storage by the end of this decade.

Husain Al Meer, Executive Director, Global Offshore Wind & UK, Masdar said:

The Rochdale project follows Masdar’s 20MW/40MWh Welkin Road project in Stockport beginning commercial operations last December. The company is also currently developing projects in Chesterfield and Cardiff, which will have a combined capacity of 150MW/300MWh. Project financing for the four projects was successfully completed last month, with Masdar securing up to £97 million from SMBC and ING.

Enhancing grid stability

BESS solutions are critical to integrating renewables into modern electricity networks, providing flexible energy to the grid by storing energy in periods of low demand and releasing it at peak times. This flexibility enhances grid stability and energy security, supports the integration of renewable energy, and contributes to lowering consumer bills and carbon emissions.

Built to international standards of safety and security, Masdar’s BESS projects incorporate state-of-the-art fire detection and suppression systems, with 24-hour CCTV monitoring and local response capability.

The company’s UK BESS projects are also being built in close consultation with local stakeholders to ensure they deliver positive impact to local communities as well as providing tangible national economic benefit.

Global storage leadership

As electricity demand accelerates, driven by electrification and the rapid expansion of artificial intelligence (AI) and digital infrastructure, Masdar is strengthening its global leadership position in battery storage. Last October, Masdar broke ground in Abu Dhabi on the world’s first gigascale 24/7 solar and battery storage project, which will combine a 5.2GW solar plant with a 19GWh BESS to deliver up to 1GW baseload power every day.

Beyond battery storage, Masdar is a leading investor, developer, and operator in the UK offshore wind sector. Major UK projects include a €5.2 billion co-investment with Iberdrola in the 1.4GW East Anglia THREE offshore wind facility, which will power the equivalent of 1.3 million homes, and the 3GW Dogger Bank South offshore wind farm being developed in partnership with RWE.

Masdar has built one of the world’s fastest-growing renewable energy portfolios, with more than 65GW of capacity across established and high-growth renewable energy markets, spanning technologies including solar, onshore wind, offshore wind, battery storage and hybrid solutions. With a clear pathway to 100GW of energy capacity by 2030, Masdar continues to expand through disciplined investment in strategic markets, delivering reliable, affordable clean power to meet rapidly growing electricity demand while supporting energy security and economic growth.

• 95 foundations now installed at East Anglia THREE offshore windfarm, off the coast of Suffolk

• The £4 billion project is a joint venture between green energy company, ScottishPower and Masdar, a global clean energy leader

• Milestone marks major engineering feat for project that will generate 1.4GW of clean power, boost energy security and support UK economic growth

ScottishPower Renewables and Abu Dhabi Future Energy Company PJSC – Masdar have completedd a major construction milestone at the £4 billion East Anglia THREE offshore wind farm, with all 95 foundations now installed off the Suffolk coast.

Weighing in at 1,200-1,800 tonnes, standing 67-84 metres tall and with a diameter of up to 10.6 metres, the monopiles are the largest to be installed from a jack-up vessel in Europe.

The installation of all 95 transition pieces – 20 metres in height, 8 metres in diameter and weighing more than 400 tonnes – has also been completed.

With turbine installation already under way, offshore and onshore construction will continue at pace over the coming months, clearing the way for East Anglia THREE to become fully operational by the end of 2026, delivering 1.4GW of home-grown clean power to the UK.

Husain Al Meer, Executive Director, Global Offshore Wind and UK at Masdar said:

Charlie Jordan, ScottishPower Renewables CEO, said:

The foundation installation was delivered by Seaway7, with East Anglia THREE the first foundation installation campaign completed by its jack-up vessel, Seaway Ventus.

Lloyd Duthie, CEO Seaway7 said:

East Anglia THREE is the second project to be developed as part of Masdar and Iberdrola’s €15 billion strategic partnership and the first with ScottishPower in the UK.

The almost £2 billion invested in the UK supply chain includes foundation design by Wood Thilsted, the manufacturing of the turbine blades at Siemens Gamesa’s factory in Hull, vessel charters from Norfolk-based NR Marine Services and OEG, and support from metocean and seabed consultants Partrac.

East Anglia THREE is supporting 2,300 jobs during construction and will create around a hundred long-term roles in the East of England.

Its 1.4GW capacity will produce enough homegrown clean power for more than 1.3 million homes, providing greater energy security for the UK.

• Joint venture moves into project execution three months after the JVA signing in April

• Joint development agreements cover two solar projects with combined capacity of 150MW

• Masdar and EPCG also sign framework agreement to explore development of over 400MW of pumped hydro energy storage projects to strengthen grid flexibility and resilience

• Partnership targets up to 2GW of renewable energy capacity in Montenegro

• Platform could support domestic demand and future electricity exports to the Western Balkans and Southern Europe

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have advanced their strategic partnership into project execution with agreements covering 150 megawatts (MW) of solar capacity and the potential development of over 400MW of pumped hydro energy storage.

The agreements represent the first projects to be progressed through the 50/50 joint venture to be established by Masdar and EPCG after the Joint Venture Agreement (JVA) signing in April 2026. The joint venture is targeting up to 2 gigawatts (GW) of renewable energy capacity in Montenegro, creating a platform to meet growing domestic electricity demand, strengthen national energy security and support future exports to neighboring European markets.

First projects in 2GW Montenegro pipeline

The JDAs cover the Štedim solar photovoltaic (PV) project (115MW) and the Krupac solar PV project (35MW). Masdar and EPCG also signed a framework for action (FFA) agreement to explore the joint development of over 400MW of pumped hydro energy storage projects. By storing electricity when supply exceeds demand and releasing it when required, pumped hydro could enable Montenegro to integrate more renewable power while improving the flexibility, stability and resilience of its electricity system.

In the presence of His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar and His Excellency Admir Šahmanović, Montenegro Minister of Energy and Mining, the agreements were signed in Tivat, Montenegro by Milutin Đukanović, Chairman of the Board of Directors of EPCG, Zdravko Dragaš, Chief Executive Officer of EPCG, and Husain Al Meer, Executive Director, Global Offshore Wind and UK Business, Masdar.

Masdar and EPCG announced in April they were forming a 50/50 JV to develop large-scale projects across a range of technologies, including solar, wind, hydropower, pumped hydro, battery storage and hybrid energy solutions. The partnership is targeting developing up to 2 gigawatts (GW) of renewable energy capacity in Montenegro to support its domestic energy needs, while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, including leveraging an existing sub-sea interconnection with Italy.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar's Chairman, said:

His Excellency Admir Šahmanović, Minister of Energy and Mining of Montenegro, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Milutin Đukanović, Chairman of the Board of Directors of EPCG, said:

Zdravko Dragaš, Chief Executive Officer of EPCG, said:

Supporting Montenegro’s regional energy ambitions

The joint venture established by Masdar and EPCG will explore utility-scale projects across solar, wind, hydropower, pumped hydro, battery storage and hybrid energy technologies.

The platform is intended to serve Montenegro’s growing domestic energy requirements while creating opportunities to export renewable electricity to the Western Balkans and Southern Europe. Montenegro’s existing subsea electricity interconnection with Italy provides a potential route into the wider European power market.

Masdar has been active in Montenegro since 2018 through its investment in the 72MW Krnovo Wind Farm, the country’s largest operating wind project.

Europe central to Masdar’s 100GW by 2030 target

Europe is a key strategic market for Masdar as it targets global portfolio capacity of 100GW by 2030. TERNA ENERGY, which Masdar acquired in 2025, is developing the 680MW Amfilochia project, one of the largest pumped hydro storage projects in Europe, providing relevant technical and development experience for the opportunities being assessed in Montenegro.

Masdar has a diversified global portfolio of more than 65GW, spanning both established and high-growth renewable energy markets and covering the full spectrum of renewable technologies, including solar, onshore wind, offshore wind, battery energy storage and hybrid solutions. Masdar continues to expand its global platform through disciplined growth across priority markets, delivering reliable, affordable clean power to meet the world's rapidly growing electricity demand.

• Lockhart IV adds 80 MW of solar capacity, enough to power approximately 40,000 homes and businesses annually.

• The completed Lockhart Solar and Storage complex now comprises 365 MW of solar capacity and 173.7 MW of battery storage.

Terra-Gen, one of the largest independent, integrated renewable energy producers in the United States, jointly owned by Masdar and Igneo Infrastructure Partners, announced today that its Lockhart Solar PV IV project has reached commercial operations.

The 80-megawatt (MW) solar project in San Bernardino County, expands Terra-Gen’s renewable energy portfolio in California and will provide enough electricity to power approximately 40,000 homes and businesses annually through a long-term power purchase agreement with a California load-serving entity.

“We are excited to bring the Lockhart IV project online and continue investing in projects that help meet the growing electricity demand and create economic, social and environmental positive impact,” said John O’Connor, chief executive officer of Terra-Gen. “With more than 15 GW of projects in our development pipeline, we are well positioned to continue delivering reliable, sustainable energy at scale that can help satisfy the energy needs of today and tomorrow.”

Construction of the Lockhart IV project created more than 220 jobs at peak activity, and crews completed over 122,000 work hours with no lost-time incidents. Cupertino Electric served as the project’s engineering, procurement and construction contractor.

The Lockhart IV project is the final phase of the Lockhart Solar and Storage facility. With all four phases now operational, the facility has a total capacity of 365 MW of solar generation and 173.7 MW of battery storage, enough to meet the annual needs of more than 350,000 homes and businesses.

Situated on approximately 4,000 acres of private land, the complete Lockhart Solar and Storage operational facility includes nearly 1 million solar modules and 248 battery enclosures. The project utilizes the existing gen-tie line connecting to Southern California Edison’s Kramer Junction Substation.

• Financial close achieved for world’s first gigascale Round-the-Clock (RTC) renewable energy project, representing total investment of US$6.1 billion.

• US$5.1 billion financing package backed by 13 leading international and local banks demonstrates strong confidence in project’s commercial fundamentals and Masdar’s execution capabilities.

• 5.2GW solar and 19GWh battery storage project will deliver 1GW of continuous clean power, setting new benchmark for baseload clean energy.

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, today announced financial close for the world's first gigascale 24/7 renewable energy project, marking a defining milestone in the commercialization of the next generation of clean energy infrastructure. Backed by a consortium of 13 leading international and local banks, the US$5.1 billion financing package demonstrates strong market confidence in both the project’s commercial viability and Masdar’s ability to deliver complex energy infrastructure at scale.

Representing a total capital investment of US$6.1 billion, with Masdar funding US$1 billion of equity, the RTC project is being developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC). Integrating a 5.2GW solar photovoltaic (PV) plant with a 19 gigawatt-hour (GWh) battery energy storage system (BESS), RTC is the largest and most technologically advanced system of its kind in the world. The financing was provided by a consortium including the following lenders:

• 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

• Hongkong and Shanghai Banking Corporation (HSBC)

• KfW IPEX-Bank

• Natixis

• Sumitomo Mitsui Banking Corporation

• Standard Chartered Bank

• Societe Generale

Financial close demonstrates that large-scale renewable energy projects capable of delivering round-the-clock power have evolved from technical ambition to commercially bankable infrastructure. As electricity demand accelerates, driven by AI, data centers, and advanced manufacturing, the project establishes a new benchmark for financing reliable, utility-scale clean energy projects and addresses the key challenge of intermittency. For Masdar, the milestone demonstrates its continued ability to attract and mobilize institutional capital and deliver increasingly complex renewable infrastructure projects in partnership with governments, utilities, and financial institutions.

“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,” said Mazin Khan, Chief Financial Officer at Masdar. “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. This milestone further demonstrates our ability to mobilize global capital at scale while delivering innovative renewable infrastructure that supports long-term economic growth and energy security. We now look forward to advancing the project to deliver reliable, affordable, clean energy around the clock.”

Masdar broke ground on the project in October 2025, and it is expected to be operational in 2027. The 24/7 renewable energy project remains a cornerstone of the UAE’s clean energy strategy, contributing to energy security and economic diversification.

Masdar has a diversified portfolio of more than 65GW, spanning both established and high-growth renewable energy markets and covering the full spectrum of renewable technologies, including solar, onshore wind, offshore wind, battery energy storage and hybrid solutions. With a clear pathway to 100GW of renewable energy capacity by 2030, Masdar continues to expand its global platform through disciplined growth across priority markets, delivering reliable, affordable clean power to meet the world's rapidly growing electricity demand.