EDF and Masdar secure financing for 1.5 GW of solar energy near Abu Dhabi – SPE

EDF Renewables, Korea Western Power Co (Kowepo) and Masdar have unveiled plans to build a 1.5 GW solar power plant near Abu Dhabi.

The project has received financing from six banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corp. and Export-Import Bank of Korea.

A project company – jointly owned by EDF Renewables and Kowepo with a 20% stake each, and Masdar with a 60% stake – will design, build and operate the plant. The project company signed a 30-year PPA with Emirates Water and Electricity Co in April.

The Al Ajban Solar Photovoltaic project, located about 70 km northeast of Abu Dhabi, will feature 3 million solar panels on single-axis trackers. The plant, equipped with advanced bifacial technology, will generate enough power for 160,000 households in the United Arab Emirates.

Once fully operational in the third quarter of 2026, the plant will be among the largest solar energy facilities in the world. It will also be the UAE’s third utility-scale solar park.

“Partnerships are crucial for the energy transition and for achieving the target of tripling global renewable capacity by 2030, as set out in the UAE Consensus,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “With the development of Al Ajban, Abu Dhabi is home to three of the largest solar power plants in the world, making it a global leader in the adoption of utility-scale solar energy.”