The project company, led by EDF Renewables and Korea Western Power (KOWEPO), alongside their partner Abu Dhabi Future Energy Company PJSC – Masdar, announced today the successful financial closing of the 1.5 gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project in the Emirate of Abu Dhabi.  

Following a successful bid submission, the project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake) signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC), and will design, finance, build and operate the plant.

Financing for the project has been secured from six top-tier 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). 

Othman Al Ali, Chief Executive Officer of EWEC, 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. The financial close of Al Ajban Solar PV is a further milestone in this key project that will enable our decarbonisation of the UAE’s energy sector.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar 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. With the development of Al Ajban, Abu Dhabi is home to three of the largest single-site solar plants in the world, making it a global leader in the adoption of utility-scale solar power.”

Commenting on the announcement, Beatrice Buffon, EDF Group Vice-President, International Division, Chairwoman & Chief Executive Officer of EDF Renewables, said: “We are grateful to our partners KOWEPO, Masdar, and our customer EWEC for their trust and support in the development of the Al Ajban Solar PV plant. This large-scale renewable energy project is fully in line with EDF’s strategy to provide innovative, carbon-free solutions in the UAE, such as pumped hydro storage, large-scale and distributed solar, BESS and transmission infrastructure. Together with KOWEPO and Masdar, we are advancing the UAE’s energy transition and are creating long lasting value with competitive, low-carbon energy projects that meet the highest Health and Safety standards.” 

Commenting on the announcement, Hyungduck Park, Chief Executive Officer of  KOWEPO, said: “We are honored to be a key partner in the Al Ajban Solar PV project, which marks a significant milestone not only for KOWEPO but also for the UAE's ambitious energy transition goals. Successfully achieving financial close on this project reflects our commitment to advancing renewable energy solutions on a global scale. Through our collaboration with EDF Renewables and Masdar, we are dedicated to delivering sustainable energy that will contribute to reducing carbon emissions and support the UAE's vision for a greener future. This project stands as a testament to our collective efforts in pioneering innovative and environmentally responsible energy initiatives.”

The state-of-the-art project, located approximately 70 kilometres North-East of Abu Dhabi city, will have a capacity of 1.5GW. Once fully commissioned in Q3 2026, the Al Ajban Solar PV IPP will be one of the world’s largest single-site solar power plants, deploying approximately 3 million solar panels mounted on single-axis trackers to generate enough electricity for approximately 160,000 homes across the UAE. Upon full commercial operation, the plant is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million tons per year. 

The Al Ajban Solar PV power plant is part of the UAE Net-Zero by 2050 strategic initiative and is the third utility–scale solar park in the Emirate of Abu Dhabi, making the Emirate a pioneer in renewable energy deployment. 

Key figures of the project: 

• Households powered: 160,000
• Over 2,400,000 tons of CO2 reduction / year 
• Technology: 3,000,000 bifacial PVs, single-axis trackers

About Masdar

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. 
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contacts:
For media inquiries, please contact: press@masdar.ae 
For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About EDF Renewables

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.
In every country, our teams show their commitment to local stakeholders every day, adding their expertise and capacity for innovation to the fight against climate change.
At the end of 2023, EDF Renewables operates a net installed wind and solar capacity of 12.8 GW (21.2 GW gross) worldwide.

Mainly present in Europe and North America, EDF Renewables is pursuing its development by taking a position in promising emerging markets such as: Brazil, China, India, South Africa and in the Middle East. Historically active in onshore wind and photovoltaics, the Company is now strongly positioned on offshore wind and floating wind as well as in new technologies such as energy storage, floating solar and agrivoltaism.

For media enquiries, please contact: Alexandra.taleva@edf.com; +971 54 522 73 73
For more information please visit: www.edf-renouvelables.com/en & www.mea-edf-re.com 
Follow us on LinkedIn: https://www.linkedin.com/company/edf-renewables-middle-east  or on Twitter @EDF_Renewables 

About Korea Western Power (KOWEPO)

Korea Western Power (KOWEPO) was established on April 2, 2001 as a public corporation specializing in power generation in Korea.
KOWEPO takes up approximately 8.5% of national generating capacity, and as a leading supplier and innovator in the 21st century Korean power industry, KOWEPO is actively participating many renewable energy projects worldwide in order to respond preemptively to the fast-changing management environment.

KOWEPO is committed to the development of new and renewable energy including solar and wind power along with fuel cell technology to establish ‘New Renewable Energy Roadmap 2035’, which is supplying more than 25% of our total amount of projected production from new and renewable energy in 2030.

KOWEPO has extensive experience in investing equity in the energy sector in financing large scale energy projects worldwide, including the 950 MW Shin Pyeongteak Power (USD 805 million), the 241 MW Sweden Cloud wind project (USD 279 million), and the 110MW Australia Bannerton Solar power project(USD 180 million), 73 MW Finland Adams wind project (USD 147 million) and 500MW Oman Manah Solar power project (USD 444 million).

Through expanding the existing foothold for growth such as securing a new platform to advance to global markets, KOWEPO is focusing on eco-friendly complex & renewable energy projects in tandem with construction, operation and management business by analyzing the global power generation market based on the experience in developing and operating the world’s highest level power plants.

For more information, please visit www.iwest.co.kr

About Emirates Water and Electricity Company

EWEC (Emirates Water and Electricity Company) is the sole procurer and supplier of water and electricity in the Emirate of Abu Dhabi. EWEC drives the planning, forecasting, purchasing, and system despatch services of water and electricity . EWEC fulfils these vital responsibilities through the short-term and long-term balancing of bulk supply and demand for distribution companies and authorities in Abu Dhabi and other Emirates. EWEC is supporting the government of Abu Dhabi and the government of the UAE by enabling the reduction of cost whilst also providing the increased security of supply that comes from a cleaner, larger, and more integrated system.

EWEC is mandated to implement strategic initiatives that will achieve the 60 per cent clean energy target outlined in the Abu Dhabi Department of Energy's (DoE) Clean Energy Strategic Target 2035 for Electricity Production in Abu Dhabi, in addition to enabling the achievement of UAE Water Security Strategy 2036, UAE Energy Strategy by 2050, and the UAE Net Zero by 2050 strategic initiative. EWEC is accelerating Abu Dhabi and the UAE’s energy transition by diversifying the country’s energy mix through developing and deploying renewable and clean energy as well as low-carbon-intensive water desalination capacities. EWEC is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy. For more information, please visit www.ewec.ae.

For Media Enquiries, please contact: