Newsroom

• ENGIE and Masdar sign Power Purchase Agreement with EWEC

• Khazna Solar PV is a key pillar of EWEC’s strategic plans to increase Abu Dhabi’s solar power generation capacity to beyond 18GW by 2035

EWEC (Emirates Water and Electricity Company), a leading company in the integrated planning, purchasing, supply, and system despatch services of water and electricity across the UAE, today announced the award for its new 1.5 gigawatt (GW) (AC) Khazna Solar Photovoltaic (PV) Independent Power Project. The development of the utility-scale solar power plant was awarded to ENGIE, a global leader in low-carbon energy solutions, and Masdar, a global clean energy leader, as the local shareholder. Following the award, the project’s Power Purchase Agreement (PPA) was signed between EWEC and the two companies.

Khazna Solar PV is part of EWEC’s region-leading strategic plans to substantially increase solar power capacity in Abu Dhabi and the UAE. Upon completion, Khazna Solar PV will generate enough electricity to power approximately 160,000 homes across the UAE, avoiding more than 2.4 million metric tonnes of carbon emissions in Abu Dhabi per year. The plant will feature nearly three million solar panels that will follow the sun’s path throughout the day, maximising solar energy capture and output. Khazna Solar PV will also significantly contribute to EWEC’s strategic plans to increase Abu Dhabi’s solar power generation capacity to 18GW by 2035 and to meet 60 per cent of the Emirate’s total power demand from renewable and clean energy sources by 2035, in line with the Abu Dhabi Department of Energy’s (DoE) Clean Energy Strategic Target 2035 for Electricity Production in Abu Dhabi.

Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said:

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

Paulo Almirante, ENGIE Senior Vice President in charge of Renewable and Flexible Power, said:

EWEC awarded the Khazna Solar PV contract after a comprehensive procurement process. The PPA is structured as an energy purchase agreement whereby EWEC will pay only for the net electrical energy supplied by the plant. Under the terms of the PPA, ENGIE and Masdar will design, finance, build and operate the plant, which will be located near Al Khazna area of Abu Dhabi. To optimise operational performance and long-term efficiency, the project will integrate advanced digital solutions, including IoT-enabled sensors, cloud-based monitoring platforms, big data analytics, and robotic cleaning systems to ensure optimal panel performance and reduced maintenance costs.

Renewable energy is crucial for Abu Dhabi's energy transition and sustainability strategy. Abu Dhabi’s energy mix is now more diverse than ever before as EWEC executes strategic plans that are transforming the power sector through utility-scale solar, wind, and nuclear energy, alongside investments in low-carbon-intensive seawater desalination. By 2030, EWEC aims to produce over 50 per cent of Abu Dhabi’s energy needs from renewable and clean energy sources, forecasting that its average carbon dioxide intensity from electricity generation will fall by a significant 54 per cent from 330 kilograms per megawatt hour (kg/MWh) in 2019 to 150 kg/MWh in 2030. The Khazna Solar PV project’s financial close is expected by the end of Q4 2025.

• Acquisition completed of 49.99% stake in the portfolio of four operational solar PV plants in Spain

• €184 million investment by Masdar adds 446MW solar capacity to its European portfolio, bringing Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW.

• Growing partnership with Endesa reaffirms Masdar’s long-term commitment to Spain as a strategic European hub for clean energy growth and transformation

Masdar, a global clean energy leader, today announced the closing of its acquisition of a 49.99% stake in a €368 million portfolio comprising four operational solar PV plants from Enel Green Power España S.L., a subsidiary of Endesa S.A. (“Endesa”), a leading company in the Spanish electricity sector and a subsidiary of Enel Group. The transaction represents a deployment of €69 million in equity by Masdar, with an additional €115 million of acquisition financing. The move adds a significant 446 megawatts (MW) of operational solar capacity to the company’s European portfolio, while supporting Masdar’s strategy to scale renewable energy capabilities across the Iberian Peninsula and wider Europe.

The agreement consolidates the strategic partnership between the two companies, after Masdar acquired a 49.99% stake in 2 gigawatts (GW) of solar assets from Endesa in 2024. The deal was one of Spain’s largest renewable energy transactions in recent years and includes plans to add up to 0.5GW of battery storage. This latest transaction brings Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW, with more than 2GW of development pipeline.

These operating assets further Masdar’s commitment to advancing the region’s renewable energy ambitions and supporting the EU reach its 2050 net-zero targets. Earlier in the year, Masdar and global energy leader Enel Group signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

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

Flavio Cattaneo, CEO of Enel Group, added:

The deal enhances Masdar’s position in Spain and reinforces its broader plan for expansion across Southern Europe. In late 2024, the company completed the €1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with a portfolio of 2.3GW. Saeta now serves as Masdar’s primary regional operating hub on the Iberian Peninsula.

Spain, one of the EU’s most dynamic solar energy markets, is a cornerstone of Masdar’s European growth platform. Its scale, regulatory environment, and ambitious NECP targets position the country as an ideal contributor to Masdar’s global ambition to reach 100GW of renewable capacity by 2030.

Advisors: BNPP acted as the transaction advisor, Linklaters as legal advisor, UL as technical advisor, and PwC as Masdar’s tax and finance advisor.

Banks: The acquisition was partially funded via financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB.

• Sultanate of Oman’s power and water procurement company signs power purchase agreement with consortium of Masdar, OQ Alternative Energy, Al Khadra Partners and Korea Midland Power Co. Ltd

• Ibri III Solar Independent Power Project features 500MW solar photovoltaic plant integrated with a 100MWh battery energy storage system

• Project will contribute to Oman’s target of generating 30% of electricity from renewables and Vision 2040 diversification goals

Nama Power and Water Procurement (PWP) has signed an agreement for the development of the Sultanate of Oman’s first utility-scale solar and battery storage project with the consortium of Abu Dhabi Future Energy Company PJSC – Masdar, Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), Oman’s national champion for renewable energy.

Masdar, a global clean energy leader, will lead the consortium developing the Ibri III Solar Independent Power Project, which combines a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS). The scope of the project includes design, construction, ownership, financing, operation and maintenance of the plant and storage system.

The power purchase agreement (PPA) for the project, awarded under the auspices of H.E. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, was signed at an event in Muscat today by Ahmed bin Salim Al Abri, CEO of PWP, Mohamed Jameel Al Ramahi, CEO of Masdar; Ghalib Al Maamari, Acting CEO of OQAE; Hind Suhail Salim Al Mukhaini Bahwan, Chairperson of Al Khadra Partners; and Lee Young-jo, CEO of KOMIPO.

H.E. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, said:

Ahmed bin Salim Al Abri, Chief Executive Officer at Nama Power and Water Procurement, said:

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

The Ibri III project is a key element in Oman’s policy to diversify energy resources to meet growing electricity demand, with Oman Vision 2040 including the objective of generating 30 percent of electricity from renewables by 2030. Once operational, Ibri III will produce enough electricity to power around 33,000 homes, while avoiding approximately 505,000 tonnes of carbon dioxide annually.

Eng. Abdullah Rashid Al Sawafi, PWP’s Chief Energy Transition Officer, said:

Ghalib Al Maamari, Acting CEO of OQAE commented:

Sheikha Hind Bahwan, Chairperson of Al Khadra Partners commented:

Lee Young-jo, CEO of KOMIPO, said:

• MBAC, subsidiary of Maaden, signs a 30-year Power Purchase Agreement (PPA) to supply Al Baitha Bauxite Mine with clean energy

• 8 MWp solar plant and 30 MWh battery storage system to generate 17,300 MWh annually

Maaden Bauxite and Alumina Company (MBAC), a subsidiary of Maaden (Saudi Arabian Mining Company), one of the world’s fastest-growing mining companies, has signed a Power Purchase Agreement (PPA) with Emerge, a joint venture between Masdar, a global clean energy leader, and EDF power solutions, a leader in low-carbon innovative solutions.

Under the agreement, Emerge will develop a solar power project to supply the Al Baitha Bauxite Mine with clean, renewable energy for the next 30 years. This initiative supports Saudi Arabia’s energy transition and aligns with the goals of Vision 2030 by reducing carbon emissions and promoting sustainable industrial growth.

The off-grid energy facility will integrate a ground-mounted 8 MWp solar photovoltaic array with a 30 MWh battery energy storage system backing up the intermittency of the solar production and securing a 24/7 electricity supply. The facility is expected to generate approximately 17,300 MWh of electricity annually. The project will help avoid around 13,800 tonnes of carbon dioxide (CO₂) emissions per year, equivalent to removing more than 3,000 cars from the road annually. With this facility, the Al Baitha Bauxite Mine will be able to operate almost entirely on renewable energy, marking a major step toward sustainable mining operations.

Ali Al-Qahtani, Executive Vice-President, of Maaden’s aluminum business said:

Abdulaziz Alobaidli, Chairman of Emerge and Chief Operating Officer at Masdar, commented:

Omar Aldaweesh, CEO KSA of EDF Group and EDF power solutions, and Emerge board member, said:

Emerge will deliver a full turnkey solution for the project, managing all aspects, including financing, design, procurement, construction, operation, and maintenance.

• Masdar/EDF joint venture signs Memorandum of Understanding with Emirates Development Bank

• Under agreement, Emerge will identify and present potential financing opportunities for renewable energy projects, with EDB considering providing tailored financing options

Emerge, a joint venture between Masdar and the EDF Group, and Emirates Development Bank (EDB), the UAE’s key financial engine for economic diversification and industrial transformation, have signed an agreement to explore areas of collaboration in developing and financing distributed solar projects in the UAE.

Under the Memorandum of Understanding, Emerge will identify and present potential financing opportunities for renewable energy projects, which EDB will evaluate and explore possible tailored financing solutions.

His Excellency Ahmed Mohamed Al Naqbi, CEO, Emirates Development Bank, said:

Mohamed Jameel Al Ramahi, CEO, Masdar, said:

Luc Koechlin, CEO Middle East, EDF Group, said:

Through its tailored financing solutions and strategic support, EDB continues to drive innovation, foster business growth, and support the UAE's journey toward achieving its Net Zero ambitions. As the nation moves towards a sustainable energy future, EDB remains committed to empowering businesses and entrepreneurs, ensuring the long-term success of the UAE’s renewable energy sector.

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company currently supplies clean electricity to more than 40 commercial, industrial, educational and hospitality sites across the GCC region.

• 60MWp plant sets record as Emirate of Sharjah’s first utility-scale solar photovoltaic (PV) facility

• It is one of the world’s first large-scale oil & gas processing facilities to meet its own electrical needs—and export surplus power—using on-site solar generation.

• The plant will offset 66,000 tons of CO₂ emissions annually – equivalent to the yearly electricity consumption of 13,780 homes

• It will power SNOC’s operations while exporting surplus electricity to the Sharjah Electricity, Water and Gas Authority (SEWA) during the day

His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, Chairman of the Sharjah Petroleum Department, and President of the Sharjah National Oil Corporation (SNOC), attended the opening of "SANA," the first solar power plant in Sharjah, on Wednesday morning. This new facility covers a large area of 850,000 square meters and can produce 60 megawatts of energy. It is located next to the Sajaa Gas Plant.

His Highness highlighted that launching Sharjah's first solar power plant marks an important step forward in the emirate's quest for sustainable energy. His Highness emphasized that this initiative is part of the broader goals of the emirate's Energy Council, which focuses on planning for the future of energy and water in the region.

His Highness emphasized that this project reflects Sharjah's dedication to protecting the environment and its focus on using clean and renewable energy. His Highness highlighted that the project is a great example of how teamwork and innovation can help create a greener and more sustainable future.

The inauguration ceremony began with the national anthem of the UAE. Eng. Khamis Al Mazrouei, the CEO of Sharjah National Oil Corporation (SNOC), gave a speech about the new station called “SANA,” which means bright light. He expressed his joy and pride in this achievement, which started as an idea from some of the company's engineers eight years ago who aimed to create renewable energy projects in Sharjah.

Al Mazrouei highlighted that the shift to using renewable energy is no longer just a choice; it’s something that must be done to keep up with the fast changes happening in the energy world. He pointed out that the leaders at SNOC are committed to making this transition a key part of their strategy, aiming to move towards a more sustainable and responsible way of operating. Al Mazrouei talked about the start of a solar power project back in 2018. It began with a small solar power plant, built at the Hamriyah LNG terminal, with a capacity to produce 300 kilowatts of energy. This facility was designed to power operations using clean energy, marking the first step toward what would eventually become the larger SANA solar power plant in the Sajaa area.

He emphasized that the SANA project is more than just a way to generate energy; it's also an investment in the country's talented workforce. Many of the workers involved in this project are Emirati nationals who graduated from local universities. Al Mazrouei highlighted that this initiative aligns with the goals of the Corporation to be a dependable energy provider. The focus is on achieving carbon neutrality, diversifying energy sources, and ensuring safe and sustainable practices. Ultimately, this project aims to bring lasting benefits to the Emirate of Sharjah, its residents, and the broader community.

The CEO of SNOC commended this achievement, which would not have been possible without the generous blessing of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, the directives of His Highness Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Energy Council, and the leadership and follow-up of His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, Chairman of the Sharjah Petroleum Department, and Chairman of the Sharjah National Oil Corporation (SNOC), and Sheikh Mohammed bin Ahmed Al Qasimi, Vice Chairman of the SNOC.

Al Mazrouei wrapped up his speech by thanking everyone who played a part in the success of the solar power plant project. He acknowledged the contributions of both people and organizations, highlighting their teamwork and strategic collaboration as key elements in making the project successful. He expressed his belief that what has been accomplished so far is just the start of even bigger goals we can achieve together in the future.

Abdulaziz Al Obaidli, Chairman of Emerge, delivered a statement during the inauguration ceremony of “SANA,“ expressing his genuine pleasure at the occasion. He noted that this project signifies a significant achievement not only for the Emirate of Sharjah but also for the United Arab Emirates and the broader region. Al Obaidli conveyed his gratitude to all stakeholders involved in the successful realization of this initiative, including the dedicated work teams, engineers, technicians, and consultants. Furthermore, he acknowledged the substantial support provided by Masdar and EDF in bringing this project to fruition.

Al Obaidli shared insights about the “SANA” project, highlighting that it’s much more than just a clean energy initiative. It symbolizes the leadership's commitment to renewable energy solutions and demonstrates that everyone involved is dedicated to building a more sustainable future. He pointed out that this project will boost energy security in Sharjah by producing clean energy. Additionally, it plays a crucial role in the fight against climate change by helping to reduce carbon dioxide emissions, making a tangible difference for both the environment and the economy, both locally and nationally.

The Chairman of Emerge highlighted the company's dedication to offering innovative and effective renewable energy solutions. These solutions help partners meet their environmental and economic goals. He also mentioned that the company has completed this project and will manage its operation and maintenance for the next 25 years. This shows the company's confidence in the region's potential and emphasizes the strong relationships it has built with partners who trust Emerge to deliver reliable, sustainable energy options.

Al Obaidli concluded his remarks by stating, "The success of the SANA project demonstrates the potential outcomes when visions are aligned and collaborative efforts are made between the public and private sectors. Emerge anticipates further partnerships in this area and aims for this achievement to serve as a starting point for additional initiatives that promote a more sustainable future for current and future generations."

His Highness, the Chairman of the SNOC, recently watched a film showcasing the development of the SANA plant. The film highlighted the key features of the facility and the hard work put in by the engineers and partners involved in the project.

Fatima Al Hammadi, Project Manager of SANA, delivered a speech in which she discussed the importance of the partnerships and efforts made to launch the solar power plant. She noted that the project originated from an individual's idea, which was later brought to life through collective efforts.

She pointed out that the SANA project is the result of real teamwork among different groups from various industries, such as electricity, gas, and clean energy. Everyone involved has the same aim: to promote clean energy. She praised the hard work that is contributing to a future with less carbon pollution.

His Highness Sheikh Sultan bin Ahmed recognized the partners by presenting them with special shields as a token of appreciation and took group photos with them. He also had the opportunity to meet the Emirati engineers involved in the project, expressing his admiration for their hard work and wishing them all the best for the future.

His Highness officially launched the solar power plant by pressing the inauguration button, marking the beginning of its operations. After that, His Highness took a tour of the site to explore the various facilities and features of SANA’s plant. The plant is the largest in Sharjah and is notable for being the first to utilize renewable energy to power the emirate's oil and natural gas facilities. Additionally, it is one of the first plants in the world designed to not only supply its own electricity needs but also to export any extra power it generates.

During the tour, His Highness was updated on the stages of the 60-megawatt SANA solar power plant project. This facility can produce clean energy that would be enough to power about 13,780 homes each year. By doing this, it helps to lower carbon dioxide emissions by 66,000 tons each year, contributing to a cleaner environment. The plant features 13,000 flexible poles that can move to follow the sun's path, maximizing energy collection. These poles support over 98,000 solar panels, working together to harness solar power efficiently.

His Highness received a description of how a new renewable energy plant works. This plant is designed to generate clean energy that will support the projects of the Sharjah National Oil Corporation. During the day, when the plant produces extra electricity, that energy will be sent to the Sharjah Electricity, Water and Gas Authority. At night, SEWA will supply the electricity needed for the Sharjah National Oil Corporation's operations.

The opening of the solar power plant marks an important step for SNOC as it works towards its goal of reaching net-zero emissions by 2050. This initiative is part of the UAE's broader plan for environmental sustainability. The solar plant not only shows SNOC's dedication to improving its energy practices and reducing carbon emissions but also promotes the use of different energy sources. This project is designed to benefit both the environment and the economy in the long run.

The solar power plant project is being developed with the support of the SNOC. This initiative is a collaboration between the Sharjah Electricity, Water and Gas Authority (SEWA) and Emerge, a partnership between the Abu Dhabi Future Energy Company (Masdar) and the French company EDF Group. Emerge has been chosen to oversee the operation of the plant.

The opening ceremony for the plant was graced by several dignitaries, including Sheikh Dr. Salem bin Abdulrahman Al Qasimi, Head of the Ruler's Office; Sheikh Mohammed bin Ahmed bin Sultan Al Qasimi, the Deputy Chairman of the Sharjah Petroleum Department and Deputy Chairman of SNOC, and several senior officials from the energy sector and representatives from companies involved in the project.

• 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.