Masdar has achieved financial close with $5.1 billion in debt financing backed by 13 international and regional banks
It will support one of the world's largest solar PV and battery storage systems to provide continuous renewable electricity
The project is expected to become operational in 2027, located in Abu Dhabi
Abu Dhabi Future Energy Company (Masdar) and Emirates Water and Electricity Company (EWEC) have raised $5.1 billion financing for what is touted as the world’s ‘1st’ gigascale 24/7 renewable energy project combining solar PV and battery storage capacity.
The project will combine a 5.2 GW solar PV plant with a 19 GWh battery energy storage system (BESS). Once completed, it is designed to supply up to 1 GW of continuous or round-the-clock (RTC) clean electricity. It was initially announced in January 2025 (see UAE To Host World’s ‘1st’ Facility To Provide RE 24x7, At Scale).
The Abu Dhabi-located project has secured the financing package from a consortium of 13 international and local banks. The lending consortium comprises 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.
Including Masdar's $1 billion equity contribution, the total investment stands at $6.1 billion.
Masdar said the financing marks a key milestone for large-scale renewable energy projects capable of providing round-the-clock power. “Financial close demonstrates that large-scale renewable energy projects capable of delivering round-the-clock power have evolved from technical ambition to commercially bankable infrastructure,” it added.
The project has been under construction since October 2025, and is scheduled to enter commercial operation in 2027. Masdar has roped in Chinese suppliers for the BESS component supply. While Sungrow will supply 7.5 GWh of its PowerTitan 3.0 energy storage systems and 2.6 GW PV inverter solutions, BYD Energy Storage will supply 11.275 GWh BESS for the Abu Dhabi project (see BYD To Supply 11.275 GWh Storage For Masdar's UAE Project).
The project partners had previously announced JA, JinkoSolar, and CATL as the preferred suppliers, while Larsen & Toubro and POWERCHINA were selected as EPC contractors.
For Masdar, this project is part of its growing portfolio of more than 65 GW while it targets 100 GW renewable energy capacity by 2030.
Speaking of round-the-clock power, TaiyangNews is set to host a 2-day Round-The-Clock Power Conference.India 2026 on December 3 and 4, 2026. To be held in New Delhi, this in-person conference will bring together project developers, EPCs, utilities, along with key solar, battery storage, and other technology suppliers, investors, and policymakers to discuss enabling strategies for 24/7 power supply. Registrations for this event will open soon.
