The Abu Dhabi-based clean energy company will provide $1 billion in equity for the development, which is being undertaken with Emirates Water and Electricity Company. A consortium of 13 local and international banks is funding the remaining investment.
The project combines a 5.2-gigawatt solar photovoltaic plant with a 19-gigawatt-hour battery energy storage system. Once operational, the integrated facility is expected to deliver one gigawatt of continuous renewable electricity, including during the night and periods of reduced sunlight.
Financial close marks a key step towards completing the development, allowing construction spending and equipment procurement to proceed under signed funding agreements. Work began after the foundation stone was laid in October 2025, and commercial operations are scheduled to start in 2027.
The lending group includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank and First Abu Dhabi Bank. HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered and Société Générale are also participating.
The scale and diversity of the banking consortium reflect growing lender appetite for large renewable developments that combine generation and storage. Such projects require higher initial investment than conventional solar plants, but can produce more stable revenues by supplying electricity beyond daylight hours.
Masdar has described the development as the world’s first gigascale round-the-clock renewable energy project. The model seeks to overcome solar power’s main operational limitation by storing surplus daytime output and releasing it when generation falls.
Battery storage will also help the facility manage variations in electricity production, respond to changes in demand and support grid stability. The project is expected to use grid-forming technology, intelligent energy-distribution systems and artificial intelligence-assisted forecasting to balance generation, storage and supply.
The development is valued at more than Dh22 billion and is expected to create over 10,000 jobs during construction and associated industrial activity. Plans also include support for new manufacturing facilities connected to solar and battery equipment.
Annual avoided carbon emissions are projected at about 5.7 million tonnes once the project is fully operational. Its output will strengthen Abu Dhabi’s electricity system as demand rises from data centres, artificial intelligence infrastructure, advanced manufacturing and other energy-intensive industries.
The financing gives Masdar one of the largest debt packages secured for an integrated solar and battery project. It also signals that continuous renewable electricity is moving closer to becoming a commercially bankable alternative to traditional baseload generation.
Conventional solar projects generally depend on gas-fired plants, nuclear facilities or other dispatchable sources when the sun is unavailable. Large battery systems can reduce that dependence, although costs, supply-chain pressures and battery degradation remain important considerations for developers and lenders.
Masdar chief financial officer Mazin Khan said the financing demonstrated international banking confidence in the company’s financial strength, project execution capabilities and long-term strategy. He said the development would support energy security while providing reliable and affordable clean power.
The project forms part of Abu Dhabi’s wider effort to expand renewable generation while preserving the reliability of its power network. EWEC has been increasing the share of low-carbon electricity in the emirate through large solar plants, nuclear power procurement and investments in flexible generation.
Abu Dhabi has already developed some of the world’s largest single-site solar facilities, supported by long-term power purchase agreements and competitive tendering. The new solar-storage project extends that approach by adding enough battery capacity to convert intermittent production into a continuous supply profile.
The initiative could also provide a template for other regions with strong solar resources and growing power demand. Replication will depend on land availability, grid conditions, borrowing costs, battery prices and the structure of long-term electricity contracts.
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