Abu Dhabi Future Energy Company (Masdar) and French utility Engie SA have achieved financial close on the 1.5 GW Khazna solar photovoltaic project in Abu Dhabi.
The project is being developed under a 30-year power offtake agreement with Emirates Water and Electricity Company. The developers have secured financing facilities from a consortium of seven regional and international lenders, including Abu Dhabi Islamic Bank, Crédit Agricole Corporate and Investment Bank, KfW IPEX-Bank, BNP Paribas, Hong Kong and Shanghai Banking Corporation (HSBC), Sumitomo Mitsui Trust Bank and Emirates Development Bank. Financial details of the transaction were not disclosed.