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• Nahdi, Saudi Arabia’s largest pharmacy business, partners with Emerge to develop rooftop solar panels at IMDAD.

• The 3MWp distributed solar project will provide the facility with clean energy, avoiding more than 3,000 tonnes of CO₂ annually.

• The announcement grows Emerge’s foothold in the Saudi market and highlights Nahdi’s commitment to sustainability under Vision 2030

In line with the ambitious sustainability targets of Saudi Vision 2030 and contributing actively to the goals of the Saudi Green Initiative, Nahdi Medical Company, the largest retail pharmacy chain in Saudi Arabia, has announced a new partnership with Emerge, a joint venture between Masdar and the EDF Group. The partnership aims to develop a 3 megawatt-peak (MWp) rooftop solar installation to power IMDAD, Nahdi’s Distribution Center.

With a tenure of 15 years, Emerge will provide a full turnkey solution for the project, including the finance, design, procurement, construction, operations and maintenance for the entire length of the agreement. The solar installation at IMDAD will help to avoid more than 3,000 tonnes of CO₂ annually, decarbonizing Nahdi’s central logistical operations and yielding substantial environmental advantages for all its business aspects. The emissions reduction achieved by the project will be equivalent to meeting the electricity consumption of 625 households for one year.

Eng. Yasir Jamal, Chief Supply Chain Officer, stated:

Michel Abi Saab, Emerge General Manager, said:

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company today supplies clean electricity to more than 40 commercial, industrial, educational and hospitality sites across the region. Building on this expertise, Nahdi Medical Company has partnered with Emerge to advance its sustainability ambitions across its extensive operations. This collaboration between a leading energy solutions provider and the largest retail pharmacy and healthcare network reflects a shared commitment to driving a greener, more sustainable future for the region.

• Masdar signs agreements with PT PLN (Persero) on sidelines of state visit of Prabowo Subianto, President of Republic of Indonesia, to UAE

• MoU signed to develop Jatigede floating solar plant after Masdar achieved lowest tariff in Hijaunesia 2023 bidding program

• Agreement also signed to explore the potential expansion of Cirata Floating Photovoltaic Power Plant

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, and PT PLN (Persero), Indonesia’s state-owned electricity company, have signed two agreements that will advance the development of floating solar power projects in Southeast Asia’s largest energy market.

The companies signed a Memorandum of Understanding (MoU) to develop a floating solar power plant at the Jatigede Dam reservoir in West Java, after Masdar secured the lowest tariff in the Hijaunesia 2023 bidding program. Development of the plant is due to start this year, with completion scheduled for 2027.

Masdar and PLN also signed a ‘Principles of Agreement’ to explore the potential expansion of Masdar’s 145MWac Cirata Floating Photovoltaic Power Plant, the first phase of which began operations in November 2023.

The agreements were signed on the sidelines of the state visit of H.E. Prabowo Subianto, President of the Republic of Indonesia, to the UAE. The signatories were Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Dr. Darmawan Prasodjo, President Director of PT PLN (Persero).

The agreements build on the UAE’s strong relationship with Indonesia and will contribute to the country’s goal of achieving net-zero emissions by 2050. Last year, President Prabowo announced plans to add over 75GW of renewable energy capacity in the next 15 years as part of Indonesia’s shift to a low-carbon economy. In February, the government established a new strategic investment management agency, Danantara Indonesia, designed to manage and enhance the global competitiveness of key state-owned enterprises, including PLN.

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

Darmawan Prasodjo, President Director of PT PLN (Persero), added,

Masdar’s innovative Cirata project began operations in 2023, with the plant now generating enough renewable energy to power 50,000 homes, while displacing 214,000 tonnes of carbon emissions per year. Following regulatory changes increasing the proportion of water coverage allowed for renewable energy usage, Masdar and PLN signed an agreement in 2023 to work on jointly assessing the increase of Cirata’s capacity. This latest agreement follows the successful completion of studies into the feasibility of the expansion.

Indonesia, the world’s largest archipelago with more than 17,000 islands and over 600 natural lakes and reservoirs, offers ideal conditions for the growth of floating solar power.

Indonesia is a key strategic partner in Southeast Asia for the UAE, where it has an expanding portfolio of interests, including a strategic investment in 2023 that marked Masdar’s entry into the geothermal energy sector. Masdar opened an office in Jakarta in 2021 to further strengthen links with key players within the region.

Masdar has significantly increased its global renewable energy portfolio in the past two years, increasing overall capacity 150 percent to 51GW by the end of 2024, from 20GW in 2022. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

• Masdar, through its Iberian platform Saeta, has closed an investment agreement for the construction and commissioning of one of the largest solar PV installations in Valencia of 234MW, with a potential BESS hybridization of 259MW

• The deal underscores the strategic value of the Valle Solar project, highlighting Spain’s leading role within the European renewable energy sector

• Latest investment builds on Masdar’s ambitious growth plans in Spain as the company targets 100GW of global clean energy capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today the investment through its subsidiary Saeta of one of the largest solar PV projects in Spain’s Valencia region, Valle Solar. This landmark project, initially promoted by the joint venture of Genia Solar Energy and Solar Ventures, is the next step in Masdar's commitment to expansion in Spain, driving growth across the renewable energy sector.

This agreement is a further step towards securing the construction of the plant, which is located in the municipalities of Ayora, Jarafuel and Zarra. It is expected to be operational in the first half of 2027 and will consist of a 234 megawatt (MW) photovoltaic plant, with the potential to add the hybridization of Battery Energy Storage Systems (BESS) of 259MW.

Valle Solar integrates initiatives supporting biodiversity and local communities, showcasing a best-in-class example of integration between local wildlife protection and renewable energy production, reflecting Masdar’s commitment to sustainability and social responsibility.

Masdar is one of the world’s fastest-growing renewable energy companies. The acquisition of Valle Solar by Saeta underscores Masdar’s commitment to Spain's energy transformation, while progressing its growth plans in the Iberian Peninsula and Europe as the company targets a global clean energy portfolio capacity of 100GW by 2030.

The agreement between Saeta Yield, Genia Solar and Solar Ventures establishes Valle Solar as an exemplary model of sustainable development, where clean energy production is combined with respect for the environment and commitment to the community. This project represents a significant step towards decarbonization and the strengthening of the local economy, becoming a benchmark for future initiatives in the field of renewable energies. Furthermore, this investment agreement not only advances the energy sector, but also establishes a model of collaboration that can be replicated in future projects.

In this transaction, Watson Farley & Williams, G-advisory, EY and Finergreen advised Solar Ventures and Genia Solar Energy, and Saeta Yield was advised by Broseta, Solida and Pérez-Llorca.

Alandalus Property Company has signed an agreement with Emerge, a leading renewable energy solutions provider and joint venture between Masdar and EDF Group, to provide solar power to three of its major commercial properties in Riyadh and Jeddah.

The agreement was signed by Eng. Faisal bin Abdulrahman Al-Nasser, CEO of Alandalus Property Company and Mr. Michel Abi Saab, General Manager of Emerge, in the presence of Omar Aldaweesh, CEO Saudi Arabia, EDF Group and Board Director of Emerge KSA, and Aurelien Delahaye, Deputy CEO Middle East, EDF Group.

Under the 10-year agreement, Emerge will finance, design, build and maintain the rooftop solar photovoltaic (PV) installations, with a total capacity of up to 3.4 megawatts peak (MWp), for the Hayat Mall in Riyadh, the Alandalus Mall and Alandalus Mall Hotel in Jeddah.

This partnership aligns with the Saudi Arabia Vision 2030 objective of utilizing renewable energy to reduce environmental impact and represents a significant step forward for Alandalus Property Company in advancing its commitment to environmental, social and governance principles.

Eng. Faisal bin Abdulrahman Al-Nasser, CEO, Alandalus Property Company, said:

Mohamed Jameel Al Ramahi, CEO, Masdar, said:

Omar Aldaweesh, CEO of EDF Saudi Arabia and Board Director of Emerge, said:

Emerge, which trades in Saudi Arabia as Al-Shorouk Sustainable Energy Company, is a joint venture between Masdar, the UAE’s clean energy leader, and France’s EDF Group to develop solar generation, energy storage and hybrid solutions in the Middle East. The company offers clients full turnkey solutions through solar power agreements at no up-front cost to the client. Recognized with multiple awards, it is committed to creating a greener, sustainable future by helping businesses meet their sustainability goals.

Alandalus Property Company is a pioneer in investment and development and owns a diverse portfolio of projects across the real estate development and retail sectors.

• Plant is expected to avoid 14,064 tonnes of CO₂ emissions annually, equivalent to removing the emissions of more than 25% of the current residents in TIP

• Emerge, a joint venture between Masdar and the EDF Group, will operate and maintain turnkey solutions across the project for 25 years

• The agreement was signed at IDEX, Abu Dhabi, UAE

Emerge, a joint venture between Masdar and the EDF Group, has signed an agreement to install a 13.25MWp solar PV plant for Tawazun Industrial Park (TIP), the Middle East’s destination of choice for leading global, regional and local companies in the defense, security, aerospace and other strategic manufacturing sectors.

In the presence of Aurelien Delahaye, Deputy CEO ME, EDF, and Ali Alshimmari, Head, Strategic & Special Projects, Masdar, the agreement was signed on the second day of the International Defence Exhibition and Conference (IDEX 2025) in Abu Dhabi by Michel Abi Saab, General Manager, Emerge, and Eng. Faiz Al Nahdi, CEO of Tawazun Industrial Park.

The agreement, which covers an 11.5MWp ground-mounted solar PV plant and a 1.75MWp carport, will avoid 14,064 tonnes of CO₂ emissions annually. This is equivalent to removing the emissions of more than 25% of the current residents in TIP. Construction of the plant is due to begin in late 2025.

Eng. Faiz Al Nahdi, CEO of Tawazun Industrial Park, emphasized the significance of the agreement, stating: “Our collaboration with Emerge marks a significant step in integrating clean energy solutions into Tawazun Industrial Park. This project underscores our responsibility to minimize environmental impact while fostering a modern, forward-thinking industrial hub.”

“By incorporating renewable energy, we are equipping TIP and its resident companies with sustainable resources to thrive. This initiative aligns with national priorities, including the UAE’s ”Net Zero by 2050 Strategy”, and reinforces our role in driving innovation and sustainable growth across strategic sectors.” he added

Michel Abi Saab, Emerge General Manager, said:

Emerge will handle the entire project lifecycle under a Build-Own-Operate-Transfer (BOOT) agreement. This includes financing, design, procurement, construction, operation, and maintenance of the solar plant for a period of 25 years.

Emerge was formed in 2021 as a joint venture between Masdar and EDF to develop distributed solar, energy efficiency, street lighting, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients.

In 2024, Emerge tripled its operating capacity across solar plants to 30MW (from 10MW the year before), supplying clean electricity to 38 commercial, industrial, educational and hospitality sites across the UAE.

In a landmark step towards advancing sustainability, today at Abu Dhabi Sustainability Week, Coca-Cola Al Ahlia Beverages Company together with Emerge – a joint venture between UAE’s Masdar and France’s EDF Group – inaugurated a 1.8 megawatt solar power plant at its production facility in Al Ain.

The project marks a significant milestone in Coca-Cola Al Ahlia Beverages Company’s commitment to environmental stewardship and renewable energy adoption, aligning with the UAE’s Green Agenda 2030 and national sustainability ambitions.

The newly activated solar power plant is designed to deliver clean and renewable energy to the facility, reducing reliance on traditional energy sources and significantly lowering overall carbon emissions. Utilizing cutting-edge technology such as bifacial panels, advanced inverters, and smart monitoring systems, the plant represents the future of energy solutions in the region.

The plant has the capacity to avoid approximately 1,566 metric tons of CO₂ emissions annually – equivalent to meeting the electricity needs of more than 300 homes for an entire year. Additionally, the solar power plant will help reduce the consumption of oil by more than 3,600 barrels per year, underscoring its contribution to environmental conservation.

His Excellency Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at the Ministry of Industry and Advanced Technology, highlighted that sustainability serves as a fundamental pillar of the National Strategy for Industry and Advanced Technology, Operation 300 Billion. The strategy aims to strengthen the industrial sector while supporting climate neutrality by encouraging sustainable practices and industrial transformation through the adoption of advanced technologies, enablers, and incentives. These efforts are reflected under the "Make it in the Emirates" initiative, a strategic platform that drives local manufacturing and supports businesses in adopting innovative technologies that promote investment in sustainability.

His Excellency underscored that "Make it in the Emirates" is both an initiative and an annual event, serving as a key platform to showcase the UAE's global competitive advantages to industrial investors on an international level. By attracting manufacturers and investors to the UAE, the initiative boosts local production capabilities, enhances supply chain resilience, and promotes self-sufficiency, particularly in critical strategic sectors such as food, beverages, and pharmaceuticals.

His Excellency also emphasized the strategic partnership between Coca-Cola Al-Ahlia Beverages and Emerge to launch a 1.8 MW photovoltaic solar power plant. This project marks a significant milestone in incorporating renewable energy into manufacturing, aligning with the industrial decarbonization roadmap unveiled by the Ministry of Industry and Advanced Technology during COP28.

Finally, His Excellency invited investors and manufacturers to participate in the fourth edition of the "Make it in the Emirates" Forum, which will be held at ADNEC in Abu Dhabi from May 19 to 22, 2025. This edition is expected to be the largest and most comprehensive yet, featuring over 20,000 participants, 5,000 "Made in UAE" products on display, and, for the first time, a dedicated pavilion showcasing Emirati handicrafts

“We are committed to reducing our carbon footprint and promoting sustainable practices across our operations,” said Banu Karakullukcu, CEO of Coca-Cola Al Ahlia Beverages Company. “The installation of solar panels at our Al Ain plant is a testament to our shift towards renewable energy. Partnering with Emerge allows us to bring this vision to life and support the UAE’s Green Agenda. This project sets a strong example, and we are eager to implement similar initiatives at our other plants in the region.”

With the completion of phase one, the solar power project meets 18% of Coca-Cola Al Ahlia Beverages Company production plant’s total energy needs with solar power. This year, phase two will add an additional 5%, bringing the total solar contribution to 23%. As part of the partnership with Coca-Cola Al Ahlia Beverages Company, Emerge will operate and maintain the solar energy project for the next 25 years.

“At Emerge, we are committed to supporting organizations to reduce their environmental impact and become more sustainable on the road to realizing the UAE’s Net Zero by 2050 Strategy. This solar plant is a great example of how innovative clean energy solutions can drive both environmental and business outcomes – in this case, helping Coca Cola Al Ahlia Beverages Company meet their sustainability goals while reducing electricity costs,” stated Michel Ali Saab, General Manager of Emerge.

Renewable energy solutions like the solar power project demonstrate how the UAE is empowering organizations to reduce emissions and align industrial growth with environmental preservation.

Through collaborations like this, Coca-Cola Al Ahlia Beverages Company aims to inspire broader action, paving the way for a greener, more sustainable future for the UAE.

• Two companies, Larsen & Toubro and POWERCHINA selected as preferred Engineering, Procurement and Construction (EPC) contractors for the project, which will be built in Abu Dhabi

• Masdar selects Jinko Solar and JA Solar as preferred suppliers for solar photovoltaic (PV) modules and CATL as preferred supplier for the battery energy storage system (BESS) for the combined solar and BESS project – largest in the world

• Masdar, in collaboration with EWEC, is developing the world’s first ‘round the clock’ gigascale combined solar and BESS project, capable of delivering 1GW of continuous clean energy

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced today preferred suppliers and contractors to support the development of the world’s first large-scale ‘round the clock’ gigascale project, which will combine solar photovoltaic (PV) power and battery storage to deliver uninterrupted renewable energy.

JA Solar and Jinko Solar, two of the world's largest PV module suppliers, and CATL, the world’s largest battery manufacturer and a leading battery energy storage system (BESS) supplier, are preferred suppliers for the project, Masdar announced today at Abu Dhabi Sustainability Week (ADSW). Larsen & Toubro and POWERCHINA have been selected as preferred Engineering, Procurement and Construction (EPC) contractors for the project, which will be built in Abu Dhabi.

Letters of Award for the EPC contractors were signed today in a special ceremony at the Masdar Pavilion at ADSW, with Abdulaziz Alobaidli, Chief Operating Officer, Masdar, signing both. Yu Feng, President of HDEC International, signed for POWERCHINA, with Gao Fei, Vice President of POWERCHINA MENA Headquarter, witnessing. The Letter of Award for Larsen & Toubro was signed by A. Ravindran, Senior Vice President & Head - Renewables IC, with T. Madhavadas, Whole Time Director & Sr. Executive Vice President (Utilities), witnessing.

Masdar, in collaboration with EWEC (Emirates Water and Electricity Company), announced at ADSW that it is developing the gigascale project, capable of delivering up to 1 gigawatt (GW) of baseload power 24 hours a day, seven days a week. The project will feature a 5.2GW (DC) solar photovoltaic (PV) plant, coupled with a 19 gigawatt-hour (GWh) BESS, making it the largest solar and BESS project in the world.

Abdulaziz Alobaidli, Chief Operating Officer, Masdar, said:

Jinko Solar and JA Solar are preferred suppliers for PV modules amounting to 2.6GW capacity each, with both companies utilizing the latest TopCon technology with optimized parameters for maximum efficiency and production for 30 years.

CATL, as preferred supplier for the BESS, would supply its leading TENER technology for the total capacity of 19GWh, which features all-round safety, a long service life, and a high level of integration, ensuring the reliable, stable operation and high efficiency of the entire project lifetime.

 

The solar PV and BESS facility will provide unparalleled stability and efficiency by overcoming the intermittency of renewable energy. The 19GWh battery storage facility will enable seamless integration of solar power into the grid. This initiative also supports the UAE Energy Strategy 2050, and the facility will play a transformative role in energy systems, ensuring the UAE continues to lead by example in delivering towards the historic UAE Consensus agreed at COP28.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi Future Energy Company PJSC – Masdar and Emirates Water and Electricity Company (EWEC) today announced the launch of the world’s first large-scale ‘round the clock’ gigascale project, combining solar power and battery storage in Abu Dhabi.

The launch was announced by His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment and Managing Director and Group Chief Executive Officer of ADQ.

The launch marks a pivotal moment in the clean energy transformation, allowing renewable energy to be dispatched 24 hours a day, seven days a week, reaffirming the UAE’s position as a global pioneer in renewable energy deployment.

Delivering up to 1 gigawatt (GW) of baseload power every day generated from renewable energy, it will be the largest combined solar and battery energy storage system (BESS) in the world.

Located in Abu Dhabi, the project will feature a 5.2GW (DC) solar photovoltaic (PV) plant, coupled with a 19 gigawatt-hour (GWh) BESS, setting a global benchmark in clean energy innovation.

His Excellency Dr, Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said,

This initiative demonstrates the remarkable scale and ambition of the UAE's energy transformation, delivering clean energy to power advancements in emerging technologies. The world-leading project reflects the vision and commitment of the UAE leadership in driving socioeconomic and environmental progress.

His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment and Managing Director and Group Chief Executive Officer of ADQ, said,

Othman Al Ali, Chief Executive Officer of EWEC, said,

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

The solar PV and BESS facility will provide unparalleled stability and efficiency by overcoming the intermittency challenges of renewable energy. The 19GWh battery storage facility will enable seamless integration of solar power into the grid.

By integrating state-of-the-art renewable technologies with energy storage solutions, this landmark project exemplifies the UAE's commitment to scaling innovative clean energy solutions to meet evolving energy demands. This initiative also supports the UAE Energy Strategy 2050, and the facility will play a transformative role in energy systems, ensuring the UAE continues to lead by example in delivering towards the historic UAE Consensus agreed at COP28.

• Financing secured for 445MWac Bilasuvar and 315MWac Neftchala solar projects

• Agreements with EBRD, ADB and AIIB signed at COP29 in Baku. Total project costs expected to be more than USD 600 million

• Construction on solar parks due to complete by the first quarter of 2027

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and SOCAR Green, a wholly-owned subsidiary of SOCAR dedicated to sustainable projects, have reached financial close for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan.

The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Asian infrastructure and Investment Bank (AIIB) are financing the two solar projects, with the total cost expected to be more than USD 600 million.

The agreements were signed on the sidelines of COP29 in Baku. They were witnesses by H.E. Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, Abdulaziz AlObaidli, COO of Masdar, Afgan Isayev, Vice President of SOCAR, and Harry Boyd-Carpenter, Managing Director, Climate Strategy and Delivery at EBRD.

The agreements were signed by Abdulla Zayed, Director of Business & Project Development at Masdar, Elmir Musayev, General Director of SOCAR Green, Aida Sitdikova, Director Energy Eurasia, Middle East and Africa at EBRD, James Lok, Lead Investment Officer, Project and Corporate Finance Clients Department, Global at AIIB, and Mayank Choudhary, Director, Private Sector Operations Department at ADB.

Masdar and SOCAR Green broke ground on the Bilasuvar and Neftchala solar parks during a ceremony at Baku Energy Week in June 2024. Construction on the projects is due to be completed by the first quarter of 2027.

H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, said:

H.E. Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, said:

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said:

Rovshan Najaf, President of SOCAR, said:

Masdar is dedicated to supporting Azerbaijan’s energy transition. It has signed agreements to develop onshore wind and solar projects and integrated offshore wind and green hydrogen projects with a total combined capacity of 10GW. Its first project in Azerbaijan, the 230MW Garadagh solar plant, was inaugurated in October last year.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

Established in 2024, SOCAR Green is a wholly-owned subsidiary of SOCAR, a global energy company headquartered in Azerbaijan. Positioned at the forefront of the nation's transition to renewable energy, SOCAR Green drives the implementation of clean energy initiatives, including large-scale solar, wind, and green hydrogen projects. Through strategic partnerships with international leaders in renewable energy, SOCAR Green supports Azerbaijan’s commitment to achieving its national climate targets and contributing to global sustainability goals.

• 1.5 gigawatt (GW) solar power plant in Al Ajban province received financing from six top-tier banks and financial institutions

• 3 million solar panels using advanced bifacial technology will be installed to generate enough power for 160,000 UAE households

• CO2 emissions will be reduced by over 2.4 million tons annually

• Project company composed of EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake)

• EWEC will procure 100% of the plant output

The project company, led by EDF Renewables and Korea Western Power (KOWEPO), alongside their partner Abu Dhabi Future Energy Company PJSC – Masdar, announced today the successful financial closing of the 1.5 gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project in the Emirate of Abu Dhabi.

Following a successful bid submission, the project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake) signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC), and will design, finance, build and operate the plant.

Financing for the project has been secured from six top-tier banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC) and Export-Import Bank of Korea (KEXIM).

Othman Al Ali, Chief Executive Officer of EWEC, said:

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

Commenting on the announcement, Beatrice Buffon, EDF Group Vice-President, International Division, Chairwoman & Chief Executive Officer of EDF Renewables, said:

Commenting on the announcement, Hyungduck Park, Chief Executive Officer of KOWEPO, said:

The state-of-the-art project, located approximately 70 kilometres North-East of Abu Dhabi city, will have a capacity of 1.5GW. Once fully commissioned in Q3 2026, the Al Ajban Solar PV IPP will be one of the world’s largest single-site solar power plants, deploying approximately 3 million solar panels mounted on single-axis trackers to generate enough electricity for approximately 160,000 homes across the UAE. Upon full commercial operation, the plant is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million tons per year.

The Al Ajban Solar PV power plant is part of the UAE Net-Zero by 2050 strategic initiative and is the third utility–scale solar park in the Emirate of Abu Dhabi, making the Emirate a pioneer in renewable energy deployment.

Key figures of the project:

• Households powered: 160,000

• Over 2,400,000 tons of CO2 reduction / year

• Technology:

  • 3,000,000 bifacial PVs

  • Single-axis trackers