Abu Dhabi powers ahead with world's first US$6.1 billion round-the-clock clean energy project
Solar and battery system targets operations in 2027
ABU DHABI – The Abu Dhabi Future Energy Company PJSC, Masdar, has reached financial close on what it describes as the world's first gigascale 24/7 renewable energy project, marking a major milestone for large-scale clean energy infrastructure.
The project has secured a US$5.1 billion financing package from a consortium of 13 local and international banks. The financial close underlines growing confidence in renewable energy projects capable of supplying electricity around the clock while supporting rising global power demand.
The project represents a total investment of US$6.1 billion, with Masdar contributing US$1 billion in equity alongside project partner Emirates Water and Electricity Company (EWEC). It is being developed in Abu Dhabi and is expected to become operational in 2027.
Record scale
At the heart of the project is a 5.2GW solar photovoltaic plant integrated with a 19 gigawatt-hour battery energy storage system, making it the largest and most technologically advanced renewable energy system of its kind globally.
The financing consortium includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and Societe Generale.
According to Masdar, reaching financial close demonstrates that renewable energy projects capable of delivering reliable electricity throughout the day and night have progressed from technical concepts to commercially bankable infrastructure.
Growing demand
The company said the project comes at a time when electricity consumption is rising rapidly, driven by artificial intelligence, data centres and advanced manufacturing industries. By combining large-scale solar generation with battery storage, the development is designed to address the challenge of renewable energy intermittency while establishing a new benchmark for financing utility-scale clean energy projects.
Masdar has reached financial close for its world-first gigascale 24/7 renewable energy project, being developed in Abu Dhabi.
— Masdar (@Masdar) July 13, 2026
Backed by 13 leading international and local banks, the US$5.1 billion financing package demonstrates strong investor confidence in the project’s… pic.twitter.com/XxU7eOgbPM
Masdar Chief Financial Officer Mazin Khan said securing funding from a broad group of respected financial institutions reflects confidence in both the landmark project and the company's financial strength and execution capabilities.
He said the financing commitment highlights the banking community's confidence in Masdar's long-term growth strategy and its ability to mobilise global capital for innovative renewable infrastructure. Khan added that the company now looks forward to advancing construction to deliver reliable, affordable clean energy around the clock while supporting long-term economic growth and energy security.
Global expansion
Masdar broke ground on the project in October 2025, with commercial operations scheduled to begin in 2027. The development forms a key part of the UAE's clean energy strategy, supporting both energy security and economic diversification.
The company currently manages a diversified renewable energy portfolio exceeding 65GW across established and emerging markets. Its investments span solar, onshore wind, offshore wind, battery energy storage and hybrid renewable energy solutions.
Masdar is targeting 100GW of renewable energy capacity by 2030 as it continues expanding across priority international markets. The company says the strategy focuses on delivering reliable and affordable clean electricity to meet rapidly increasing global demand while accelerating the transition to low-carbon energy systems.