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Masdar, EDF and KOWEPO finalise funding for 1.5 GW solar farm in UAE

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EDF Renewables, Masdar, and Korea Western Power (KOWEPO) have announced the financial closure for the 1.5 GW Al Ajban solar project in Abu Dhabi, UAE. The project is backed by financing from BNP Paribas, Credit Agricole CIB, the Export-Import Bank of Korea, HSBC Middle East, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

The Al Ajban project, jointly owned by Masdar (60%), EDF Renewables (20%), and KOWEPO (20%), will design, finance, construct, and operate the facility. A 30-year power purchase agreement (PPA) has been signed with Emirates Water and Electricity Company (EWEC).

Set for completion in the third quarter of 2026, the solar plant will be located 70km northeast of Abu Dhabi and will feature three million solar panels with single-axis trackers to optimize energy production.

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