Masdar, EDF, and KOWEPO Secure Funding for 1.5GW Solar Farm in UAE

EDF Renewables, Masdar, and Korea Western Power (KOWEPO) have successfully reached financial close for the 1.5GW Al Ajban solar project in Abu Dhabi, UAE. The project is funded by institutions including BNP Paribas, Credit Agricole CIB, Export-Import Bank of Korea, HSBC Middle East, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

Masdar's CEO, Mohamed Jameel Al Ramahi, emphasized the importance of partnerships in accelerating the energy transition and achieving the global renewable capacity goal outlined in the UAE Consensus, aiming for a threefold increase by 2030. With the development of Al Ajban, Abu Dhabi now hosts three of the world’s largest single-site solar plants, positioning it as a leader in utility-scale solar power.

The project, jointly owned by Masdar (60%), EDF Renewables (20%), and KOWEPO (20%), will design, finance, construct, and operate the facility. A 30-year power purchase agreement (PPA) has been signed with Emirates Water and Electricity Company (EWEC), whose CEO, Othman Al Ali, highlighted Al Ajban as a key milestone in the UAE's drive toward decarbonizing its energy sector.

The 1.5GW solar farm, located 70km northeast of Abu Dhabi, is scheduled for completion by Q3 2026. The plant will feature three million solar panels with single-axis trackers to optimize energy output.

In a separate development, Masdar also acquired a 49.99% stake in Endesa’s 2.5GW renewable energy portfolio in Spain, valued at €1.7bn, in July 2024.