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Masdar said in a press release that it had reached financial close for the world’s first gigascale 24/7 renewable energy project in Abu Dhabi. The venture is a joint development with the Emirates Water and Electricity Company and carries a total capital cost of $6.1 billion, with the company committing $1 billion in equity. A group of 13 banks has supplied the $5.1 billion debt package, reflecting strong market belief in the scheme’s prospects and in Masdar’s delivery capability. The release listed the financing participants as a mix of local institutions such as First Abu Dhabi Bank and international names including BNP Paribas, HSBC and Societe Generale.
The project combines a 5.2 gigawatt solar photovoltaic array with a 19 gigawatt-hour battery energy storage system, which the company said makes it the largest and most advanced system of its kind. Masdar broke ground on the site in October 2025 and anticipates full operations by 2027. It is engineered to supply one gigawatt of firm power continuously, tackling the intermittency issue that has long limited renewable energy’s role in baseload supply. The press release noted that this financial close proves such projects have moved beyond technical concepts to become attractive infrastructure investments.
Electricity demand is rising rapidly because of artificial intelligence, data centres and advanced manufacturing, according to the announcement. This growth has heightened the need for reliable clean power sources that can operate without interruption. The RTC project sets a fresh standard for how such schemes can be financed at utility scale while resolving intermittency concerns that have previously constrained sector expansion. Masdar views the milestone as evidence of its capacity to draw institutional capital for ever more sophisticated renewable developments in collaboration with state entities and lenders.
Mazin Khan, Chief Financial Officer at Masdar, said in the press release, “We are pleased to have secured funding from such a broad and highly respected group of local and international banks in support of this pioneering project. This significant financing commitment demonstrates the confidence of the international banking community not only in a landmark project but also in Masdar’s financial strength, disciplined execution and long-term growth strategy. This milestone further demonstrates our ability to mobilize global capital at scale while delivering innovative renewable infrastructure that supports long-term economic growth and energy security. We now look forward to advancing the project to deliver reliable, affordable, clean energy around the clock.” The executive’s remarks underscored the dual appeal of the project to both local and global financiers.
The 24/7 renewable energy project stands as a central component of the UAE’s broader clean energy roadmap aimed at enhancing energy security and driving economic diversification, the company stated. Masdar currently oversees a diversified portfolio exceeding 65 gigawatts of renewable capacity that includes solar, onshore and offshore wind, battery storage and hybrid systems. The firm is pursuing expansion to 100 gigawatts by 2030 as it seeks to capitalise on rising worldwide demand for clean power. A recent assessment by the International Renewable Energy Agency found that hybrid renewable-plus-storage installations are increasingly vital for grids with high variable renewable penetration.
Masdar’s track record includes multiple record-breaking renewable projects that have helped position the UAE as a leader in the energy transition within the Gulf region. The current initiative builds on that foundation by incorporating storage at an unprecedented scale for continuous output. Such advancements are critical as power consumption patterns evolve with technological progress across multiple industries.
