Masdar and ENGIE’s 1.5 GW Khazna solar project cuts 2.4M tonne carbon annually

Commercial operations are expected to start in 2028.

Masdar and ENGIE have finalised financing for the 1.5-gigawatt Khazna Solar PV project.

Seven regional and international banks, including Abu Dhabi Islamic Bank, Crédit Agricole, KfW IPEX, BNP Paribas, HSBC, Sumitomo Mitsui Trust Bank, and Emirates Development Bank, are backing the project.

Awarded in October 2025, the project company signed a 30-year power purchase agreement with Emirates Water and Electricity Company (EWEC).

Commercial operations are expected to start in 2028, supplying power for roughly 160,000 homes and cutting 2.4 million tonnes of CO₂ annually, supporting the UAE’s clean energy and decarbonisation goals.