The consortium led by EDF Renewables and Korea Western Power (KOWEPO), along with local partner Masdar, has achieved financial closure for the 1.5 gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project.
The project, located in the Emirate of Abu Dhabi, represents one of the world’s largest single-site solar power plants.
The financial close follows the consortium’s successful bid for the project, with EDF Renewables and KOWEPO each holding a 20% stake, and Masdar, Abu Dhabi’s clean energy giant, owning a 60% stake.
The project company signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC) and will take responsibility for designing, financing, building, and operating the plant.
Financing for the project has been secured through a consortium of six leading international 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 Al Ajban project is a key component of Abu Dhabi’s renewable energy goals, as part of the UAE’s broader strategy to achieve net-zero emissions by 2050.
“Al Ajban Solar PV is a key example of EWEC’s leadership in advancing world-class solar power projects and supporting the UAE’s decarbonization efforts. Solar power remains one of the most cost-effective and low-carbon solutions for electricity generation, and this project will contribute to achieving our goal of 7.5GW of solar capacity by 2030,” said Othman Al Ali, CEO of EWEC.
EWEC is the sole procurer and supplier of water and electricity in the Emirate of Abu Dhabi. The utility drives the planning, forecasting, purchasing, and system dispatch services of water and electricity .
Al Ali further highlighted the project’s role in reducing carbon emissions, with the plant expected to cut more than 2.4 million tons of CO2 annually upon full commercial operation.
Masdar’s CEO, Mohamed Jameel Al Ramahi, pointed out the importance of collaboration in delivering large-scale clean energy projects. “Our partnership with EDF, EWEC, and KOWEPO is crucial for accelerating the energy transition and achieving the UAE’s renewable energy targets,” he said.
“With Al Ajban, Abu Dhabi is now home to three of the world’s largest single-site solar plants, solidifying its position as a global leader in utility-scale solar power.”
The Al Ajban Solar PV plant joins the ranks of Abu Dhabi’s existing large-scale solar projects, reinforcing the Emirate’s status as a pioneer in renewable energy deployment.
The plant is set to be fully operational by Q3 2026 and will generate enough electricity to power approximately 160,000 homes across the UAE.
EDF Renewables is an international energy company which develops, builds and operates renewable power generation plants.
As a major player in the energy transition worldwide, EDF Renewables deploys, within EDF, competitive, responsible and value-creating projects.
Beatrice Buffon, EDF Group Vice-President and CEO of EDF Renewables, said that the company is committed to supporting UAE’s renewable energy ambitions.
“This project aligns with EDF’s strategy to provide innovative, carbon-free solutions in the UAE. Together with KOWEPO and Masdar, we are driving the UAE’s energy transition and delivering competitive, low-carbon energy projects that meet the highest Health and Safety standards,” said Buffon.
Buffon also noted that the Al Ajban project builds on EDF’s existing renewable energy portfolio in the UAE, which includes solar power, pumped hydro storage, and battery energy storage systems (BESS).
KOWEPO, a key player in the project, pointed out the global significance of the Al Ajban Solar PV plant, noting its active participation in numerous renewable energy projects worldwide to effectively respond to the rapidly evolving management environment.
“This project reflects our commitment to advancing renewable energy on a global scale. Our collaboration with EDF and Masdar will help reduce carbon emissions and contribute to the UAE’s vision for a greener future,” said Hyungduck Park, CEO of KOWEPO.
The state-of-the-art Al Ajban facility, located approximately 70 kilometers northeast of Abu Dhabi, will deploy around 3 million solar panels mounted on single-axis trackers. The panels will capture sunlight to generate 1.5GW of clean energy, a significant contribution to the UAE’s renewable energy capacity.
Once fully operational, the plant will further support the UAE’s goal of sourcing 30% of its total energy from clean sources by 2030, a target outlined by UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei.
The Al Ajban Solar PV project forms part of the UAE’s broader strategy to diversify its energy mix, reduce reliance on fossil fuels, and position itself as a global leader in clean energy technologies.
