Engie secures funding for 1.5GW Khazna Solar PV project in UAE

Group 1 - Engie and Masdar have reached financial close for the 1.5GW Khazna Solar PV project in the UAE, which will be Engie's largest photovoltaic installation globally [1][2] - The project will supply electricity to approximately 160,000 homes and is expected to reduce carbon emissions by over 2.4 million tonnes annually [3] - Financing has been secured from a consortium of seven major banks, including Abu Dhabi Islamic Bank and Crédit Agricole Corporate and Investment Bank [2] Group 2 - The Khazna Solar PV project was awarded to Engie and Masdar by the Emirates Water and Electricity Company (EWEC) under a 30-year power purchase agreement [2] - Engie aims to achieve a carbon-neutral economy by 2045 and is significantly investing in renewable energy initiatives [4] - The partnership with LONGi and PowerChina aims to develop large-scale solar projects totaling over 800MW across Saudi Arabia, the UAE, and Morocco [4]