Masdar Reaches Financial Close For $6.1B Gigascale Clean Energy Project In Abu Dhabi

Masdar has reached financial close for its $6.1 billion round-the-clock (RTC) gigascale clean energy project in Abu Dhabi, which is the world’s first gigascale 24/7 renewable energy project, according to the company.Renewable energy projectThe RTC project is being developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC), according to a statement on Monday.Masdar invested $1 billion in the project, while a consortium of banks, including Abu Dhabi Commercial Bank, Bank of China, Dubai Islamic Bank, Standard Chartered Bank, and Société Générale, invested the remaining $5.1 billion. The backing from 13 international and local banks demonstrates “strong market confidence in both the project’s commercial viability and Masdar’s ability to deliver complex energy infrastructure at scale,” Masdar said in the statement. Masdar broke ground on the project in October 2025 and is expected to be operational in 2027. The project is part of the UAE’s clean energy strategy, according to Masdar, which aims to contribute to the country’s energy security and economic diversification.The project integrates a 5.2-gigawatt (GW) solar photovoltaic plant and a 19 GW-hour battery energy storage system (BESS) to deliver 1 GW of continuous clean power.Crucial quote“This milestone further demonstrates our ability to mobilize global capital at scale while delivering innovative renewable infrastructure that supports long-term economic growth and energy security,” said Mazin Khan, Chief Financial Officer at Masdar, in the statement. “We now look forward to advancing the project to deliver reliable, affordable, clean energy around the clock.”Big numberMasdar has $2.75 billion in green bonds outstanding, as of July 13, according to the company. Scaling RTC technologyThe RTC project aims to help meet electricity demand driven by AI, data centers, and advanced manufacturing, Masdar said. In a similar move to meet AI sector growth, Masdar signed a roadmap agreement with Kazakhstan’s Ministry of Artificial Intelligence and Digital Development in June to advance Kazakhstan’s first RTC clean energy project. The proposed initial phase of the project will provide up to 200 megawatts (MW) of baseload power for data centers and AI infrastructure in the country, according to Masdar. Forbes rankingMasdar is among Forbes Middle East’s 10 Sustainable Companies In MENA in 2026. Meanwhile, CEO Mohamed Jameel Al Ramahi ranked first on Forbes Middle East’s Sustainability Leaders of 2025 list in the Renewable Energy category.