French energy company Engie and Masdar have secured financing for the 1.5GW Khazna Solar PV project in the UAE, the largest project of its kind for Engie. The project will be operational in 2028, aiming to supply electricity to 160,000 homes and reduce carbon emissions by over 2.4 million tonnes annually.

The project was awarded by EWEC under a 30-year power purchase agreement. Engie aims to achieve a carbon-neutral economy by 2045 and is expanding its presence in the Middle East and North Africa through regional partnerships. The project combines solar expertise with battery energy storage to enable renewable energy supply for up to six hours.

Engie’s Khazna Solar PV project represents a major milestone in the company’s efforts to advance decarbonisation and strengthen energy supply security in the Middle East. With a consortium of seven major banks providing financing, the project is set to have a significant impact on reducing carbon emissions and supplying clean energy to homes in the region.

Read more at Yahoo Finance: Engie secures funding for 1.5GW Khazna Solar PV project in UAE