Khazna PV

Khazna PV - a Solar Independent Power Producer in UAE. Capacity 1.5 GW. Winning consortium: ENGIE + Masdar. LCOE: USD $0.0146/kWh. Status: Construction.

Country

UAE

Procurer

EWEC

City / region

Al Khazna, Abu Dhabi

Capacity

1.5 GW

Status

Construction

LCOE

USD $0.0146/kWh

Winning consortium

ENGIE + Masdar - equity: Masdar 60% / ENGIE 40%

Procurement timeline

• RFP: Q2 2024
• Bid submission: Oct 2024
• Preferred bidder: Q4 2024
• Commercial close: 10 Oct 2025
• Financial close: Jan 2026
• PCOD: 2028

Prequalified bidders

19 RFP-qualified · 3 bids · 27 EOIs

• ENGIE
• EDF + KOWEPO
• Jinko + JERA

Runner-up bidders & tariffs

• EDF + KOWEPO
• Jinko + JERA

Financing

• Capex: USD 1.0 bn
• Debt: USD 800 M from 7 banks
• Lenders: 7 regional+international banks
• Tenor: long-dated mini-perm

Technical scope

Process: Bifacial LONGi modules + trackers

Pure PV-only IPP (no BESS in scope despite earlier speculation)

Notes

EWEC's 4th utility-scale solar IPP. PPA 10 Oct 2025.

EPC contractor: SEPCO3 (PowerChina) + LONGi modules

Sources

• PowerTech
• ENGIE FC

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Part of the GulfInfra · GCC Infrastructure Library - a free open-source benchmark of 136 public-private partnership procurements across the GCC. Methodology: how we build this.