UAE-based clean energy-focused developer Masdar announced that it has secured a $5.1 billion financing package, reaching financial close to build one of the largest solar and battery storage projects in the world, capable of delivering 1GW of continuous clean power.
Described by Masdar as the world’s first gigascale 24/7 renewable energy project, the new Abu Dhabi-based RTC project will include a 5.2GW solar photovoltaic (PV) plant with a 19 gigawatt-hour (GWh) battery energy storage system (BESS), enabling the delivery of 1 GW f continuous baseload clean energy.
Currently being developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC), the new RTC project is expected to represent a capital investment of $6.1 billion, including $1 billion in equity funded by Masdar.
The financing package was provided by a consortium of 13 international and local banks, including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered, and Societe Generale.
Mazin Khan, Chief Financial Officer at Masdar, said:
“This significant financing commitment demonstrates the confidence of the international banking community not only in a landmark project but also in Masdar’s financial strength, disciplined execution and long-term growth strategy. 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.”
Masdar broke ground on the project in October 2025, and it is expected to be operational in 2027.
