Masdar holds a 60% stake in the Al Ajban solar project while EDF Renewables and KOWEPO, with 20% stakes each. (Image Source: Masdar)
EDF Renewables, Korea Western Power Co (KOWEPO), and Masdar have achieved the financial close for the 1.5 GW Al Ajban Solar PV Independent Power Producer project in Abu Dhabi. With Masdar holding a 60% stake and EDF and KOWEPO each owning 20%, this project is set to become one of the largest solar power plants globally. It is designed to supply electricity to 160,000 homes upon completion in Q3 2026. The project also aligns with the UAE’s goal of Net-Zero by 2050 by reducing more than 2.4 million tons of CO2 emissions annually. The plant will feature advanced solar technology, including 3 million bifacial PV panels mounted on single-axis trackers. The financing has been secured through a consortium of six top-tier international banks.
| Type | Bank/Institution |
| Top-Tier Bank | BNP Paribas |
| Top-Tier Bank | Credit Agricole CIB |
| Top-Tier Bank | Standard Chartered Bank |
| Top-Tier Bank | HSBC Middle East |
| Top-Tier Bank | Sumitomo Mitsui Banking Corporation (SMBC) |
| Financial Institution | Export-Import Bank of Korea (KEXIM) |
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