Masdar closes $6.1bn deal for first gigascale 24/7 renewable project

Clean vigor institution Masdar has achieved fiscal adjacent connected the world's archetypal gigascale, round-the-clock (RTC) renewable vigor project, with a full concern of $6.1bn (Dh22.4bn).

The task is being developed by Masdar successful concern with the Emirates Water and Electricity Company (EWEC) successful Abu Dhabi.

The installation volition harvester a 5.2GW star photovoltaic (PV) works with a artillery vigor retention strategy (BESS) susceptible of 19GW-hours (GWh).

This RTC task is described arsenic the largest and astir technically precocious strategy of its benignant globally.

A consortium of 13 planetary and section banks is providing $5.1bn successful financing for the project, with Masdar supplying $1bn successful equity.

Funding for the improvement has been provided by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, and Dubai Islamic Bank.

Additional lenders see First Abu Dhabi Bank, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and Société Générale.

According to Masdar, the backing statement signals enactment for large-scale, RTC renewable vigor infrastructure designed to code intermittency.

The institution started operation of the task successful October 2025, with completion and operational presumption expected successful 2027.

The 24/7 renewable vigor task is simply a halfway portion of the United Arab Emirates' cleanable vigor strategy, intended to enactment vigor information and economical diversification successful the region.

Rising energy request from sectors specified arsenic AI, information centres and precocious manufacturing is simply a cardinal discourse for the project.

Masdar views the completion of this milestone arsenic grounds of its ongoing quality to unafraid organization concern and present analyzable renewable infrastructure alongside nationalist and backstage assemblage partners.

Masdar CFO Mazin Khan said: "We are pleased to person secured backing from specified a wide and highly respected radical of section and planetary banks successful enactment of this pioneering project.

"This important financing committedness demonstrates the assurance of the planetary banking assemblage not lone successful a landmark task but besides successful Masdar's fiscal strength, disciplined execution and semipermanent maturation strategy."

Masdar's portfolio comprises much than 65GW of renewable vigor projects crossed some established and emerging markets.

Its assets see a divers premix of technologies including solar, onshore and offshore wind, artillery retention and hybrid systems.

Last month, Masdar began operation of a 1GW upwind workplace successful Kazakhstan's Zhambyl region, its archetypal renewable vigor task successful the country.

"Masdar closes $6.1bn woody for archetypal gigascale 24/7 renewable project" was primitively created and published by Power Technology, a GlobalData owned brand.