EDF Renewables, Masdar and Korea Western Power (KOWEPO) have achieved financial closing of the 1500MW Al Ajban solar project in Abu Dhabi.
Following a successful bid submission, the project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake) signed a 30-year power purchase agreement (PPA) with the Emirates Water and Electricity Company (EWEC), and will design, finance, build and operate the plant.
Financing for the scheme has been secured from BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC) and Export-Import Bank of Korea (KEXIM).
The site will be located approximately 70km north-east of Abu Dhabi city.
Once fully commissioned in the third quarter of 2026, the Al Ajban Solar PV IPP will be one of the world’s largest single-site solar power plants, deploying approximately three million solar panels mounted on single-axis trackers.
EWEC chief executive Othman Al Ali said: “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 solar PV 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.”
Masdar chief executive Mohamed Jameel Al Ramahi said: “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.”
EDF group vice-president, international division, chairwoman & chief executive of EDF Renewables Beatrice Buffon added: “We are grateful to our partners KOWEPO, Masdar, and our customer EWEC for their trust and support in the development of the Al Ajban Solar PV plant.”