Newsroom

 Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and ENGIE, a global leader in low-carbon energy solutions, today announced they have reached financial close for the 1.5 gigawatt (GW) (AC) Khazna Solar Photovoltaic (PV) Independent Power Project.

Financing facilities have been secured with seven leading regional and international banks, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, Hong Kong and Shanghai Banking Corporation, Sumitomo Mitsui Trust Bank and Emirates Development Bank.

Khazna Solar PV was awarded to Masdar and ENGIE in October 2025. Following the award, the project company owned by ENGIE and Masdar signed a 30-year Power Purchase Agreement (PPA) with 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.  

The project, scheduled to start commercial operation in 2028, will generate enough electricity to power approximately 160,000 homes, while avoiding around 2.4 million tonnes of carbon emissions per year, supporting the UAE’s energy transformation and contributing to national decarbonization goals.

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

Catherine MacGregor, CEO, ENGIE, said:

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

The financial close of Khazna Solar PV is a decisive step in EWEC’s strategic plan to scale world-class renewable capacity and transform the UAE’s energy landscape. As our fourth world-leading utility-scale solar project, Khazna Solar PV is a key asset that accelerates our progress towards meeting 60 per cent of total power demand from renewable and clean energy sources by 2035. By pioneering large-scale renewable projects, EWEC is taking tangible actions to ensure a secure and sustainable energy supply for the nation while supporting the UAE Net Zero by 2050 Strategic Initiative. We look forward to working with Masdar and ENGIE through delivery and operations to bring the project online and accelerate a more sustainable water and energy future for the nation.

• Financing secured from Natixis and FAB to fund construction of Ibri III Solar Independent Power Project

• Ibri III features 500MW solar photovoltaic plant integrated with 100MWh battery energy storage system

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

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and consortium partners Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), have reached financial close for the Ibri III Solar Independent Power Project, the first utility-scale solar and battery storage project in the Sultanate of Oman.

Financing facilities have been secured with leading global financial institutions Natixis Corporate & Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB), which will cover a substantial part of the total project costs of around US$300 million. Ibri III, which is being developed for Nama Power and Water Procurement (Nama), will contribute to the Oman Vision 2040 goal of diversifying energy resources, including the target of generating 30 percent of electricity from renewables by 2030. Combining a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS), it will produce enough electricity to power around 33,000 homes, while avoiding approximately 505,000 tonnes of carbon dioxide annually.

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

The power purchase agreement (PPA) for the Ibri III project was signed in September. The scope of the project includes design, construction, ownership, financing, operation, and maintenance of the plant and storage system.

• Combining local and global expertise, the entities aim to advance utility-scale clean energy projects across the emirate

• The new agreement builds on a legacy of BEEAH-Masdar collaborations, establishing a structured pathway for developing multiple solar projects

• It supports Sharjah and the UAE’s rapidly expanding clean energy sector, in line with national net-zero imperatives

BEEAH, the region’s sustainability and innovation pioneer, and Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, have signed a Joint Development Agreement (JDA) to identify and develop utility-scale clean energy projects in Sharjah. The JDA was signed by Khaled Al Huraimel, Group CEO and Vice Chairman of BEEAH, and Mohamed Jameel Al Ramahi, CEO of Masdar, at the World Future Energy Summit 2026, part of Abu Dhabi Sustainability Week.

The agreement provides a framework for the companies to assess, select and progress viable solar PV (photovoltaic) projects in the emirate. From project screening through development, construction, operation and maintenance, BEEAH and Masdar will collaborate on end-to-end activities, including project feasibility, grid impact assessment, solar resource assessments and site studies. The framework also allows scope for exploring other clean energy opportunities, such as hybrid battery energy storage systems to enhance grid resilience.

Khaled Al Huraimel, Group CEO and Vice Chairman of BEEAH, said:

Mohamed Jameel Al Ramahi, CEO of Masdar, added:

The signing expands on a series of existing and legacy collaborations between the two organizations, most notably the founding of the Emirates Waste to Energy Company joint venture in 2017 to develop the first utility-scale waste project in the region.

Aligned with its Net Zero by 2040 commitment, BEEAH continues to explore clean energy innovations beyond waste-to-energy. Its flagship BEEAH Headquarters features an on-site solar plant that contributes to the building’s LEED Platinum certification. Elsewhere, the sustainability pioneer is also evaluating opportunities to convert redundant landfills into solar farms and capture landfill gas for power generation. The JDA is aligned with national clean energy priorities, with the UAE aiming to triple renewable capacity by 2030 as part of the Net Zero by 2050 Strategic Initiative.

• PPA secures offtake for the 150MW Quipungo Solar PV site, Masdar’s first Power Purchase Agreement in Angola

• Agreement signed with Rede Nacional de Transporte de Electricidade at the IRENA General Assembly in Abu Dhabi, part of Abu Dhabi Sustainability Week

• Quipungo project forms the first phase of Project Royal Sable, a 500MW multi-site solar program

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has signed a Power Purchase Agreement (PPA) for the 150-megawatt (MW) Quipungo Solar Photovoltaic project in Angola, marking Masdar’s first PPA in the country. The Quipungo project represents the first contracted site under Project Royal Sable, a planned 500MW renewable energy programme across three sites that will strengthen Angola’s southern power grid and support the country’s sustainable development objectives.

The agreement was signed with the state-owned offtaker Rede Nacional de Transporte de Electricidade (RNT-EP). It was signed on behalf of Masdar by Abdulaziz Alobadli, Chief Operating Officer, and on behalf of RNT-EP by Mauro Hernany Ferrerira Martins, Executive Director for Market Operations and Regulatory Affairs. The signing took place on the sidelines of the IRENA General Assembly, part of Abu Dhabi Sustainability Week, and was witnessed by H.E. Dr. Amna bint Abdullah Al Dahak, UAE Minister of Climate Change and Environment, H.E. João Baptista Borges, Angola’s Minister of Energy and Water, H.E. Júlio Belarmino Gomes Maiato, Ambassador of the Republic of Angola to the UAE, H.E. Francesco LaCamera Director-General of the International Renewable Energy Agency (IRENA), and Mohamed Jameel Al Ramahi, Masdar’s Chief Executive Officer.

The PPA secures long-term electricity offtake from the 150MW Quipungo Solar PV site, located in Huila Province in southern Angola. By establishing the first commercial anchor project under Project Royal Sable, the agreement provides a foundation for the phased development of the wider 500MW portfolio, which once completed is expected to create more than 2,000 jobs, deliver clean electricity to around 300,000 homes, and enhance power generation capacity in Angola’s southern grid. Project Royal Sable reflects Masdar’s commitment to developing large-scale, bankable renewable energy infrastructure in emerging markets, supporting national energy strategies while expanding access to reliable, affordable clean power.

H.E. Francesco LaCamera Director-General of the International Renewable Energy Agency (IRENA) commented:

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

Masdar is now the largest operator of renewables on the continent through its joint venture, Infinity Power, which currently operates 1.3GW of solar and onshore wind power projects in South Africa, Egypt, and Senegal, and has a 13.8GW project pipeline, including battery storage and green hydrogen facilities, in various stages of development. The addition of Project Royal Sable will contribute to Masdar’s target of 100 GW portfolio capacity by 2030.

• Masdar-led consortium signs power purchase agreement for 200MW floating solar PV project at Chereh Dam, capable of powering more than 100,000 homes

• Project secured under Malaysia’s Large Scale Solar (LSS) Cycle 5+ program, with Masdar achieving the lowest tariff in the floating solar category

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has announced its first project in Malaysia, with the signing of a power purchase agreement (PPA) to develop a 200-megawatt (MW) floating solar photovoltaic (PV) project at the Chereh Dam in Pahang State.

The project will be developed by a consortium led by Masdar, together with Malaysian partners Citaglobal and Tiza Global. The PPA was signed with Tenaga Nasional Berhad, Malaysia’s national utility company.

Once operational, the 200MW Chereh Dam plant will become the largest floating solar project in Southeast Asia. Occupying approximately 950 acres, the Chereh Dam plant will have a generation capacity of more than 300MWp (200MWac), enough to power the equivalent of over 100,000 homes. The project value is estimated at more than RM850 million (US$208 million).

The investment reinforces Masdar’s position as a key partner in accelerating Malaysia’s energy transformation. Malaysia has targeted increasing the share of renewables in its national energy mix to 35 percent by 2030, and floating solar is expected to play a key role in achieving these goals.

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

Tan Sri Dr. Mohamad Norza Zakaria, Executive Chairman and President of Citaglobal Berhad, said:

The project was secured through a competitive tender process under Malaysia’s Large Scale Solar (LSS) Cycle 5+ program, with Masdar’s global network and supply chain partnerships key to the consortium’s bid achieving L1, the lowest tariff in the floating solar category. The award reflects Masdar’s proven credentials in developing floating solar PV across the region, including the 145MW Cirata Floating PV Plant in West Java, Indonesia.

The Chereh floating solar plant will be the inaugural project of the 10-gigawatt (GW) renewable energy roadmap agreed between Masdar and the Malaysian Investment Development Authority (MIDA) in 2023. Masdar is also progressing a feasibility study for a major floating solar installation at the Murum reservoir in Sarawak, in collaboration with Sarawak Energy and Gentari. This project would further boost Malaysia’s renewable capacity and support key national strategies including the National Energy Transition Roadmap and the New Industrial Master Plan 2030.

A core pillar of the project is Masdar’s commitment to working closely with Malaysian authorities and local stakeholders throughout development, construction, and operations. These partnerships, such as the Site Agreement signed with Pahang Water & Energy Resources, are designed to ensure seamless execution, strong local integration, and long-term continuity beyond commercial operation date (COD), reinforcing the project’s role as a durable national asset.

The project will deploy state-of-the-art floating solar technology specifically designed to address the unique shape and characteristics of the Chereh dam, optimising performance, resilience, and long-term operational efficiency. The development will be financed through a non-recourse project finance structure, with participation from international lenders, reflecting strong market confidence in the project’s fundamentals.

Floating solar PV offers a land-efficient, scalable energy solution, suited to water-rich, densely populated countries like Malaysia. Floating solar systems increase generation efficiency through natural cooling, while simultaneously reducing evaporation and preserving freshwater.

With an expanding global portfolio across more than 40 countries, and a mandate to deliver 100GW of clean energy capacity by 2030, Masdar continues to drive scalable projects that deliver affordable clean energy and align with national development goals.

• Projects awarded under the sixth round of bids in Saudi Arabia's National Renewable Energy Program

• Masdar signs 25-year power purchase agreement with Principal Buyer (Saudi Power Procurement Company), and will develop projects on build, own and operate basis

• 1,400MW Najran project expected to begin commercial operations in first half of 2028, with 600MW Ad Darb project starting operation in late 2027

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, announced today it has been awarded two solar photovoltaic (PV) projects, with a combined capacity of 2 gigawatts (GW), under the sixth round of bidding in the Kingdom of Saudi Arabia's National Renewable Energy Program (NREP).

The Independent Power Producer (IPP) projects, for the 1,400-megawatt (MW) Najran plant and the 600MW Ad Darb facility, will be developed on a build, own, and operate (BOO) basis, with a 25-year power purchase agreement (PPA) signed with the Saudi Power Procurement Company (SPPC). The Ad Darb plant, which will be located in Jizan Province, is expected to begin commercial operations in late 2027, with the Najran project, based in Najran Province, starting commercial operations in the first half of 2028.

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

Principal Buyer is the entity responsible for conducting predevelopment studies, tendering power generation projects, and signing Power Purchase Agreements with project developers. To date, the company has awarded a total capacity of 43.2 GW, with 12.3 GW being already connected to the grid.

Masdar has secured the largest capacity in the highly competitive SPPC bidding for three consecutive years, with other solar projects in development including the 1,100MW Al Henakiyah project, scheduled to begin commercial operations next year, and the 2,000MW Al Sadawi project, expected to start operation in 2027.

Established in 2006, Masdar is a clean energy investor, developer and operator, with a global portfolio capacity of over 51GW and a mandate to increase its portfolio to 100GW by 2030. Masdar opened an office in Saudi Arabia in 2022 to support the nation’s clean energy objectives. Masdar’s operational portfolio in the Kingdom includes the 300 MW Jeddah Solar Power Plant and the 400 MW Dumat Al Jandal Wind Farm, Saudi Arabia’s first wind project and the largest in the Middle East.

• 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.