Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy developer, has reached financial close on a $5.1 billion financing package for a 5.2 GW solar and 19 GWh battery energy storage round-the-clock project in Abu Dhabi.

The project represents a total capital investment of $6.1 billion, with Masdar contributing $1 billion in equity. It is being developed jointly by Masdar and Emirates Water and Electricity Company (EWEC).

The financing package was provided by a consortium of 13 international and regional lenders comprising 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, Hongkong and Shanghai Banking Corporation, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and Société Générale.

Construction on the project began in October of 2025. Masdar said the facility is expected to begin operations in 2027.

Masdar said the financial close demonstrates commercial support for large-scale renewable energy projects capable of supplying continuous electricity. The company said the project is intended to address growing electricity demand associated with artificial intelligence, data centers, and advanced manufacturing while helping address the intermittency of renewable energy generation.

Masdar said it has a renewable energy portfolio exceeding 65 GW across solar, onshore wind, offshore wind, battery energy storage, and hybrid projects in established and emerging markets. The company added that it is targeting 100 GW of renewable energy capacity by 2030.

In June 2026, the company signed an agreement to acquire a 49.99% stake in Repsol’s 705 MW operational renewable energy portfolio in Spain, comprising 13 wind projects totaling 402 MW and 6 solar projects totaling 303 MW.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% year over year in Q1 2026.