Al Ajban Solar PV Project Reaches Financial Close: Advancing Abu Dhabi’s 7.5 GW Solar Energy Plan

The Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project, located in the Emirate of Abu Dhabi, has successfully reached financial close. The 1.5 gigawatt (GW) AC solar project is a significant step forward in the region’s renewable energy ambitions.

The project is owned by a consortium led by EDF Renewables Middle East and Korea Western Power Co., Ltd., each holding a 20% stake, and Masdar (Abu Dhabi Future Energy Company) as the local shareholder with a 60% stake. Following a successful bid, the consortium signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC). Under the agreement, the project company will be responsible for designing, financing, constructing, and operating the solar plant.

Othman Al Ali, Chief Executive Officer of EWEC, highlighted the importance of the project, stating, “Al Ajban Solar PV is a further example of EWEC’s strategic leadership in advancing large-scale solar power projects and supporting the UAE’s energy transition. Solar power remains one of the most cost-effective and low-carbon solutions for electricity generation. We are rapidly progressing toward commissioning new utility-scale solar projects, with the goal of achieving 7.5 GW of solar PV capacity by 2030, while supporting the development of the UAE’s future energy infrastructure.”

The Al Ajban Solar PV project represents a key milestone in the UAE’s decarbonization efforts, aimed at significantly reducing the carbon footprint of the nation’s energy sector.