Engie completes financing for its largest solar project in the Middle East

"This milestone marks a decisive step in the development of one of the largest solar projects in the region and Engie's largest photovoltaic power plant worldwide," the group said in a statement.

"Once fully operational in 2028, Khazna Solar PV will power approximately 160.000 homes and reduce Abu Dhabi's CO2 emissions by more than 2,4 million tons per year," he adds.

He does not disclose the amount of the contract, but indicates that the selling price will be $14,59 per megawatt-hour (MWh).

The Power Purchase Agreement (PPA), signed in October 2025 with Emirates Water and Electricity Company (EWEC), will span 30 years. It is part of EWEC's strategy to increase Abu Dhabi's solar capacity to 18 GW by 2035, with the goal of meeting 60% of the emirate's energy needs with renewable energy.

The United Arab Emirates are among the world's leading oil exporters, but they are investing heavily in renewable energy, both domestically and abroad, through the company Masdar.

The financing was secured from seven major banks, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX, BNP Paribas, Hong Kong and Shanghai Banking Corporation, Sumitomo Mitsui Trust Bank and Emirates Development Bank.

Engie emphasizes that this project marks the first implementation of a regional cooperation agreement with the Chinese company Longi, which will supply photovoltaic panels, and PowerChina (engineering, supply and construction), "aiming to pool expertise and resources to develop large-scale solar projects (over 800 MW) in Saudi Arabia, the UAE and Morocco".