(Oil Price) – Masdar on Monday announced it had lined up financing for the world’s first gigascale Round-the-Clock renewable energy project, which the renewable energy giant of the United Arab Emirates is developing in Abu Dhabi.
The project, which will need a total capital investment of $6.1 billion, will see Masdar funding $1 billion of the equity. The company now reached financial close on a $5.1 billion financing package backed by a consortium of 13 leading international and local banks.
The banks include Abu Dhabi lenders, as well as financial institutions from China, Hong Kong, Japan, and France, including BNP Paribas and Societe Generale, as well as Standard Chartered Bank.
The financing package “demonstrates strong market confidence in both the project’s commercial viability and Masdar’s ability to deliver complex energy infrastructure at scale,” the UAE company said today.
The gigascale project will comprise a 5.2-GW solar photovoltaic (PV) plant with a 19 gigawatt-hour battery energy storage system. It is being developed by Masdar and Emirates Water and Electricity Company.
“Integrating RTC is the largest and most technologically advanced system of its kind in the world,” the UAE’s renewable energy giant said.
Masdar, which broke ground on the project in October 2025, expects it to be operational in 2027.
“The 24/7 renewable energy project remains a cornerstone of the UAE’s clean energy strategy, contributing to energy security and economic diversification,” the company said.
Currently, Masdar has a diversified portfolio of more than 65 GW in solar, onshore wind, offshore wind, battery energy storage, and hybrid solutions.
The company aims to have 100 GW of renewable energy capacity globally by 2030 and to become one of the world’s biggest renewable energy firms. Masdar’s shareholders are Abu Dhabi’s national oil and gas giant ADNOC, Abu Dhabi’s sovereign investment company Mubadala, and state utility giant TAQA.
By Charles Kennedy for Oilprice.com
