EDF Renewables, Korea Western Power (KOWEPO) and Abu Dhabi Future Energy Company (Masdar) have achieved a financial close on the 1.5GW Al Ajban solar photovoltaic (PV) independent power producer (IPP) project in the UAE.
The project company is co-led by EDF Renewables and KOWEPO, each holding a 20% stake. Masdar is the local shareholder in the company with 60% interest.
Emirates Water and Electricity Company (EWEC) awarded the contract to develop the Al Ajban solar PV plant in April this year.
Following a competitive bid process, the consortium signed a 30-year power purchase agreement (PPA) with EWEC. Under the PPA, the project company will design, finance, construct, and operate the Al Ajban plant.
Financing for the solar PV project has been secured through six financial institutions. They are BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking (SMBC) and the Export-Import Bank of Korea (KEXIM).
Masdar CEO Mohamed Jameel Al Ramahi said: “Our valued partnership with EDF, EWEC and KOWEPO on the Al Ajban Solar PV plant highlights the importance of harnessing our mutual experience and expertise to deliver utility-scale clean energy projects.
“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.”
Located about 70km northeast of Abu Dhabi city, the Al Ajban solar plant is said to become one of the largest single-site solar power facilities in the world. The project was launched by EWEC.
It is expected to become fully operational by Q3 2026, featuring nearly three million bifacial solar panels mounted on single-axis trackers.
Once commissioned, the plant will generate enough electricity to power around 160,000 households across the UAE. It is also anticipated to reduce Abu Dhabi’s annual carbon dioxide emissions by over 2.4 million tonnes.
The Al Ajban solar PV project, which is the third utility-scale solar park in Abu Dhabi, aligns with the UAE’s Net Zero by 2050 initiative and is the Emirate.
EWEC CEO 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.”
