All funds in place for 1.5-GW Al Ajban solar project in Abu Dhabi

EDF Renewables, Korea Western Power (KOWEPO) and UAE-based renewables developer Masdar have reached financial closing on their 1.5-GW Al Ajban solar project in the Al Khazna area of Abu Dhabi.

According to EDF’s statement on Tuesday, the milestone was achieved after the project consortium obtained debt financing from six banks and financial institutions. The lending group is made up of 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 solar complex will be installed about 70 km (73.5 mi) northeast of Abu Dhabi city and is expected to generate electricity to meet the demand of about 160,000 local homes.

The output of its three million bifacial photovoltaic (PV) panels, to be mounted on single-axis trackers, will be procured by utility EWEC under a 30-year power purchase agreement (PPA).

The plant is expected to achieve commercial operations in the third quarter of 2026.

Each of EDF and KOWEPCO owns 20% of Al Ajban, while Masdar holds the remaining 60%. The partners won a tender to build and operate the PV park in April.

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