Abu Dhabi Future Energy Company – Masdar has announced the financial close for the world’s first gigascale 24/7 renewable energy project, marking a defining milestone in the commercialisation of the next generation of clean energy infrastructure.

Backed by a consortium of 13 leading international and local banks, the $5.1 billion financing package demonstrates strong market confidence in both the project’s commercial viability and Masdar’s ability to deliver complex energy infrastructure at scale, said a report.

Representing a total capital investment of $6.1 billion, with Masdar funding $1 billion of equity, the round-the-clock (RTC) project is being developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC). 

Integrating a 5.2 GW solar photovoltaic (PV) plant with a 19 gigawatt-hour (GWh) battery energy storage system (BESS), RTC is the largest and most technologically advanced system of its kind in the world. 

The financing was provided by a consortium including the following lenders: 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, Standard Chartered and Societe Generale.

The financial close demonstrates that large-scale renewable energy projects capable of delivering round-the-clock power have evolved from technical ambition to commercially bankable infrastructure, the company said.

For Masdar, the milestone demonstrates its continued ability to attract and mobilise institutional capital and deliver increasingly complex renewable infrastructure projects in partnership with governments, utilities, and financial institutions.

The Abu Dhabi group had broken ground on the project in October last year and it is expected to be operational in 2027.