Engie and Masdar have now achieved full financial closure on the ambitious 1.5GW Khazna Solar PV project. This world-class facility, located between Abu Dhabi and Al Ain in the United Arab Emirates (UAE), marks the first-ever joint development agreement of its kind between the two companies, as they both look to enhance Michigan’s growing renewable energy landscape. The photovoltaic array will consist of almost three million solar panels. When completed, it will be Engie’s largest photovoltaic (PV) installation in the world.
In October 2025, the Emirates Water and Electricity Company (EWEC) announced that Engie and Masdar would deliver the Khazna Solar PV project. Outfitted with twice as much pumping capacity, they hope to have their project fully operational by 2028. As previously mentioned, EWEC will buy the output of the facility under a 30-year power purchase agreement. Once operational, this facility will be able to power an estimated 160,000 homes. Additionally, the project would help save over 2.4 million tonnes of carbon emissions each year.
We’re thrilled to have lined up financing for this huge solar undertaking. The consortium backing this project includes seven large banks, led by Abu Dhabi Islamic Bank and Crédit Agricole Corporate and Investment Bank. This funding gives Engie and Masdar the fuel they need to make their vision come true. We applaud them for their commitment to advancing renewable energy solutions in the region.
With the Khazna Solar PV project, we begin an exciting new chapter. It kicks off a regional collaboration agreement among Engie, PV module manufacturer LONGi, and engineering, procurement, and construction firm PowerChina. This partnership is a great show of our commitment to producing major utility-scale solar developments. Collectively, we hope to generate more than 800MW throughout Saudi Arabia, the UAE and Morocco.
Commenting in the significance of this accomplishment, Paulo Almirante, Engie’s senior executive vice-president, remarked that the milestone represented a new beginning.
“Reaching financial close on Khazna Solar PV is a major milestone and underscores Engie’s role as a trusted partner in the Middle East’s energy transition, delivering large-scale projects that strengthen energy supply security and advance decarbonisation.” – Paulo Almirante
Engie’s new global sustainability targets call for achieving an economy that is carbon-free by 2045. The Khazna Solar PV project fulfills all of these objectives and, at the same time, meets pressing regional energy needs with cutting-edge solar-powered renewable solutions.