EDF Renewables, Masdar, and KOWEPO Achieve Financial Closing for 1500MW Al Ajban Solar Project
EDF Renewables, Masdar, and Korea Western Power (KOWEPO) have successfully secured financial backing for the 1500MW Al Ajban solar project in Abu Dhabi. This significant milestone marks a major step forward in the UAE’s ambitious renewable energy goals. The project, a joint venture between EDF Renewables, KOWEPO, and Masdar, has secured a 30-year power purchase agreement (PPA) with the Emirates Water and Electricity Company (EWEC). The consortium will be responsible for the design, financing, construction, and operation of the solar plant.
Financing for the project has been provided by a group of international lenders, including BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC), and the Export-Import Bank of Korea (KEXIM). Located approximately 70km north-east of Abu Dhabi city, the Al Ajban Solar PV IPP will be one of the world’s largest single-site solar power plants once fully commissioned in the third quarter of 2026. The project will feature approximately three million solar panels mounted on single-axis trackers. Othman Al Ali, CEO of EWEC, emphasized the project’s importance in advancing the UAE’s energy transition and achieving its ambitious renewable energy targets. He highlighted the role of solar power in providing cost-effective and low-carbon electricity generation.
Mohamed Jameel Al Ramahi, CEO of Masdar, stressed the significance of partnerships in accelerating the energy transition and achieving the goals set out in the UAE Consensus. He noted that Abu Dhabi’s development of three of the world’s largest single-site solar plants reinforces its global leadership in utility-scale solar power. Beatrice Buffon, Chairwoman and CEO of EDF Renewables, expressed gratitude to the project’s partners and customer for their support in developing the Al Ajban Solar PV plant. #SolarEnergy #RenewableEnergy #AbuDhabi #UAE #EnergyTransition #ClimateAction #EDFRenewables #Masdar #KOWEPO #EWEC #Partnership #Sustainability