Masdar and Engie have reached financial close for the 1.5 GW Khazna Solar Photovoltaic Independent Power Project in the United Arab Emirates (UAE), after they secured financing facilities with seven leading regional and international banks (Masdar press release, 19/01/2025). The project was awarded to Masdar and Engie in October 2025, and the consortium signed a 30-year Power Purchase Agreement (PPA) with EWEC (Emirates Water and Electricity Company). Commissioning is expected to take place in 2028.
In addition, Masdar and consortium partners Al Khadra Partners, Korea Midland Power (KOMIPO), and OQ Alternative Energy (OQAE), have reached financial close for the Ibri III Solar Independent Power Project in Oman, which combines 500 MW of solar capacity with a 100 MWh battery storage system (BESS) (Masdar press release, 16/01/2025). The project is being developed for Nama Power and Water Procurement (Nama).
Finally, Masdar has reached financial on a package for the Guzar hybrid project including a 300 MW solar plant and 75 MWh BESS in Kashkadarya, Uzbekistan (Masdar press release, 15/01/2025). Masdar will design, build and operate the solar and BESS project under the terms of the Public-Private Partnership agreement it signed with JSC National Electric Grid of Uzbekistan.
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