French energy company Engie and its partner Masdar have reached financial close on the 1.5 GW Khazna Solar photovoltaic project in the United Arab Emirates (UAE).
Equipped with almost three million solar panels, the project will be the largest photovoltaic (PV) installation carried out by Engie worldwide.
It is located between Abu Dhabi and Al Ain and is expected to become fully operational in 2028.
Financing for the project has been obtained from a consortium of seven major banks, including Abu Dhabi Islamic Bank and Crédit Agricole Corporate and Investment Bank.
Paulo Almirante, Senior Executive Vice President of Engie, said: “Achieving financial closure of Khazna Solar PV is an important milestone and underlines Engie’s role as a trusted partner in the Middle East energy transition, delivering large-scale projects that strengthen energy supply security and promote decarbonization.”
The Khazna Solar PV project was awarded to Engie and Masdar by Emirates Water and Electricity Company (EWEC) in October 2025. Under a 30-year power purchase agreement, EWEC will purchase the output from the solar facility.
The project aims to supply electricity to approximately 160,000 homes and is expected to reduce carbon emissions by more than 2.4 million tonnes per year.
Khazna Solar PV also represents the first launch of a regional cooperation agreement between Engie, photovoltaic module supplier LONGi and engineering, procurement and construction company PowerChina.
The partnership brings together its expertise and resources to develop large-scale solar projects totaling more than 800 MW in Saudi Arabia, the United Arab Emirates and Morocco, while expanding its presence across the Middle East and North Africa.
Engie aims to achieve a carbon-neutral economy by 2045. The company operates across the entire energy value chain and invests significantly in renewable energy initiatives.
Earlier this month, Engie secured its first hybrid solar and battery storage project in India after a successful bid in the Solar Energy Corporation of India’s national tender.
The project combined 200 MW of solar PV capacity with a 100 MW/600 megawatt-hour battery energy storage system, enabling up to six hours of renewable energy storage and supply.
“Engie secures financing for 1.5 GW Khazna Solar PV project in the UAE” was created and originally published by Power Technology, a brand owned by GlobalData.
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