Abu Dhabi: Abu Dhabi Future Energy Company PJSC – Masdar has announced financial close for the world's first gigascale 24/7 renewable energy project, marking a major milestone in the development of next-generation clean energy infrastructure.
The project has secured a US$5.1 billion financing package from a consortium of 13 international and local banks, reflecting strong market confidence in both the project's commercial viability and Masdar's ability to deliver large-scale energy infrastructure.
The project represents a total investment of US$6.1 billion, with Masdar contributing US$1 billion in equity.
Developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC), the project combines a 5.2GW solar photovoltaic (PV) plant with a 19 gigawatt-hour battery energy storage system (BESS), making it the largest and most technologically advanced system of its kind in the world.
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.
The financial close marks a significant step in demonstrating that large-scale renewable energy projects capable of delivering round-the-clock power can be commercially viable and bankable.
As global electricity demand continues to rise, driven by artificial intelligence, data centres and advanced manufacturing, the project aims to address one of the renewable energy sector's biggest challenges: intermittency.
Mazin Khan, Chief Financial Officer of Masdar, said: "We are pleased to have secured funding from such a broad and highly respected group of local and international banks in support of this pioneering project."
He added: "This significant financing commitment demonstrates the confidence of the international banking community not only in a landmark project but also in Masdar's financial strength, disciplined execution and long-term growth strategy."
Masdar broke ground on the project in October 2025, and it is expected to become operational in 2027.
The project forms a key part of the UAE's clean energy strategy, supporting both energy security and economic diversification goals.
Masdar currently has a renewable energy portfolio exceeding 65GW, spanning solar, onshore wind, offshore wind, battery storage and hybrid energy solutions across global markets.
The company is targeting 100GW of renewable energy capacity by 2030 as it continues to expand its international clean energy platform.