The Al Ajban project is jointly owned by EDF Renewables, KOWEPO and Masdar. Credit: Masdar.

EDF Renewables, Masdar and Korea Western Power (KOWEPO) have announced financial closure for the 1.5GW Al Ajban solar project in Abu Dhabi., United Arab Emirates (UAE).

The financing for the solar scheme has been secured from financial institutions BNP Paribas, Credit Agricole CIB, the Export-Import Bank of Korea, HSBC Middle East, Standard Chartered Bank and the Sumitomo Mitsui Banking Corporation.

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Masdar chief executive Mohamed Jameel Al Ramahi stated: “Partnerships are vital to the energy transition and to achieving the objective of tripling global renewable capacity by 2030 set out in the UAE Consensus.

“With the development of Al Ajban, Abu Dhabi is home to three of the largest single-site solar plants in the world, making it a global leader in the adoption of utility-scale solar power.”

The Al Ajban project is jointly owned by EDF Renewables (20%), KOWEPO (20%) and Masdar (60%).

The consortium will undertake the solar plant’s design, finance, construction, and operation.

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The project company signed a 30-year power purchase agreement (PPA) with the Emirates Water and Electricity Company (EWEC).

EWEC chief executive Othman Al Ali stated: “Al Ajban Solar PV is a further example of EWEC’s industry-leading strategic advancement of world-leading solar power projects, and stewardship of the UAE’s energy transition.

“Solar power is one of the most cost-effective and low-carbon-intensive solutions for electricity generation, and we are rapidly commissioning and deploying new utility-scale solar power projects, to enable the generation of 7.5GW of PV [photovoltaic] solar by 2030, in addition to projects in support of UAE’s next-generation energy infrastructure.

“The financial close of Al Ajban Solar PV is a further milestone in this key project that will enable our decarbonisation of the UAE’s energy sector.”

Located 70km northeast of Abu Dhabi, the solar facility will be completed in the third quarter of 2026.

The Al Ajban solar PV independent power producer will utilise three million solar panels equipped with single-axis trackers to maximise energy production.

In July 2024, Masdar signed an agreement to acquire a 49.99% stake in Endesa’s 2.5GW renewable energy portfolio in Spain, valued at €1.7bn (£1.8bn).