The project company, led by EDF Renewables and Korea Western Power (KOWEPO), alongside their partner Abu Dhabi Future Energy Company PJSC – Masdar, announced today the successful financial closing of the 1.5 gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project in the Emirate of 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 project has been secured from six top-tier banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC) and Export-Import Bank of Korea (KEXIM).

The state-of-the-art project, located approximately 70 kilometres North-East of Abu Dhabi city, will have a capacity of 1.5GW. Once fully commissioned in Q3 2026, the Al Ajban Solar PV IPP will be one of the world’s largest single-site solar power plants, deploying approximately 3 million solar panels mounted on single-axis trackers to generate enough electricity for approximately 160,000 homes across the UAE. Upon full commercial operation, the plant is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million tons per year.

The Al Ajban Solar PV power plant is part of the UAE Net-Zero by 2050 strategic initiative and is the third utility–scale solar park in the Emirate of Abu Dhabi, making the Emirate a pioneer in renewable energy deployment.