Masdar Secures $5.1 Billion for World’s Largest Solar-and-Battery Project

AI Summary

Masdar has secured $5.1 billion in financing to develop the world's largest solar and battery renewable energy project in Abu Dhabi, with a total investment of $6.1 billion. This round-the-clock energy initiative is backed by a consortium of 13 international and local banks, demonstrating substantial financial commitment to clean energy.

Masdar on Monday announced it had lined up financing for the world’s first gigascale Round-the-Clock renewable energy project, which the renewable energy giant of the United Arab Emirates is developing in Abu Dhabi. The project, which will need a total capital investment of $6.1 billion, will see Masdar funding $1 billion of the equity. The company now reached financial close on a $5.1 billion financing package backed by a consortium of 13 leading international and local banks.   The banks include Abu Dhabi lenders, as well as financial…