Energy

Abu Dhabi Future Energy Company PJSC, widely known as Masdar, has officially announced the successful financial close for the world’s first gigascale 24/7 renewable energy project.

Abu Dhabi Future Energy Company PJSC, widely known as Masdar, has officially announced the successful financial close for the world’s first gigascale 24/7 renewable energy project.

This landmark achievement marks a defining milestone in the commercialisation of the next generation of clean energy infrastructure. The announcement reinforces that large-scale renewable energy projects capable of delivering round-the-clock power have successfully evolved from a technical ambition into completely bankable infrastructure.

Representing a total capital investment of US$6.1 billion, the Round-the-Clock (RTC) project is being developed in Abu Dhabi through a close collaboration between Masdar and the Emirates Water and Electricity Company (EWEC). As part of the funding structure, Masdar is providing US$1 billion of direct equity, while the remaining balance is covered by a massive US$5.1 billion financing package. Backed by a prominent consortium of 13 leading international and local banks, this significant financing package demonstrates strong market confidence in both the commercial viability of the project and Masdar’s operational ability to deliver complex energy infrastructure at scale.

A historic financing package

The extensive financing package was provided by a diverse consortium comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, and Crédit Agricole Corporate and Investment Bank. The group of lenders also includes Dubai Islamic Bank, First Abu Dhabi Bank, the Hongkong and Shanghai Banking Corporation (HSBC), KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and Societe Generale.

From a technological perspective, the pioneering RTC project stands as the largest and most advanced system of its kind anywhere in the world. It beautifully integrates a massive 5.2GW solar photovoltaic (PV) plant with a monumental 19 gigawatt-hour (GWh) battery energy storage system (BESS). By combining utility-scale solar generation with unprecedented battery capacity, the project directly addresses the historic challenge of intermittency that has long affected renewable power.

Technological innovation and scale

As global electricity demand accelerates rapidly, driven by the expansion of artificial intelligence (AI), data centres, and advanced manufacturing—the project establishes an important new benchmark for financing reliable, utility-scale clean energy systems. For the organisation, this financial milestone demonstrates its continued capability to attract and mobilise global institutional capital. It also highlights its expertise in delivering increasingly complex renewable infrastructure projects in close partnership with governments, utilities, and financial institutions.

Mazin Khan, Chief Financial Officer at Masdar, expressed his pleasure regarding the funding milestone, stating: “We are pleased to have secured funding from such a broad and highly respected group of local and international banks in support of this pioneering project.”

He added: “This significant financing commitment demonstrates the confidence of the international banking community not only in a landmark project but also in Masdar's financial strength, disciplined execution and long-term growth strategy. This milestone further demonstrates our ability to mobilize global capital at scale while delivering innovative renewable infrastructure that supports long-term economic growth and energy security. We now look forward to advancing the project to deliver reliable, affordable, clean energy around the clock.”

Securing the global energy supply

Masdar originally broke ground on this clean energy project in October 2025, and the entire system is fully expected to be operational in 2027. The 24/7 renewable energy project remains a core cornerstone of the UAE’s overarching clean energy strategy, contributing significantly to national energy security and broader economic diversification goals.

Masdar currently possesses a highly diversified portfolio of more than 65GW, spanning both established and high-growth renewable energy markets worldwide. Its operations cover the full spectrum of clean technologies, including solar, onshore wind, offshore wind, battery energy storage, and hybrid solutions. With a clear strategic pathway to reach 100GW of renewable energy capacity by 2030, Masdar continues to expand its global platform through disciplined growth across priority markets, delivering reliable, affordable clean power to meet the world's growing demand.

Siemens will provide comprehensive long-term service agreements for both the Misfah and Duqm Independent Power Producer (IPP) projects.

The Sultanate of Oman is poised to take a significant leap forward in its electricity generation capabilities.

In a major development announced on June 30, 2026, Siemens Energy secured a pivotal role in supplying vital power generation technology for two new facilities. The company will provide comprehensive long-term service agreements for both the Misfah and Duqm Independent Power Producer (IPP) projects.

With a planned capacity reaching nearly 2.6 gigawatts, these combined-cycle power plants are projected to increase Oman’s total electricity capacity by almost 20 percent. Once operational, this infrastructural expansion will deliver a reliable power supply to more than two million people. The core of Siemens Energy’s technological scope incorporates the delivery of six advanced F-class gas turbines alongside six accompanying generators. To ensure ongoing reliability, the agreement also includes corresponding long-term service contracts spanning twenty years.

The manufacturing of these critical components will take place within Siemens Energy’s dedicated production sites in Germany. The SGT5-4000F gas turbines will be manufactured at the facility in Berlin, whereas the SGen5-2000P generators will be produced in Muelheim.

These plants have been strategically sited to support rapidly escalating capacity needs in two important locations. The Misfah plant is situated within the Muscat Governorate, which represents one of the Sultanate’s largest centres for electricity demand. The Duqm facility is positioned inside the Special Economic Zone at Duqm in the Al Wusta Governorate. This zone serves as a key industrial and logistics hub situated directly on the Arabian Sea coast.

The development of these projects is spearheaded by a multinational consortium. The group comprises the Etihad Water and Electricity Company PJSC, Nebras Power Investment Management B.V., Bahwan Infrastructure Services LLC, and Korea Western Power Co.,Ltd. Doosan Enerbility, acting in a consortium with SEPCO-3, has been tasked with the engineering, procurement, and construction (EPC) responsibilities. Nama Power and Water Procurement Company will serve as the official offtaker for the electricity generated.

The strategic importance of this initiative was underscored during a visit to Siemens Energy’s Berlin factory by H.E. Salim Al Aufi, Oman’s Minister of Energy and Minerals. He stated: "The Misfah and Duqm projects reflect Oman's commitment to building a resilient and future-ready energy system. By working with leading technology providers such as Siemens Energy, and deploying advanced gas turbines with hydrogen co-firing capabilities, we are strengthening the reliability of electricity supply while supporting our long-term strategy to diversify the Sultanate's energy mix. This will help create the flexibility to increase the use of hydrogen over time as our energy transition progresses. This collaboration will further set the foundation for a lower-carbon power system, enhance energy security, and support the goals of Oman Vision 2040."

Karim Amin, Member of the Executive Board of Siemens Energy, stated: “As the Sultanate continues to expand its industrial base and electricity infrastructure, flexible and reliable power will be critical in this next chapter, supporting grid stability and enabling greater integration of renewables in the system. We are proud to support this journey, and build on a strong legacy in Oman, by providing our cutting-edge gas turbines, expertise, and service capabilities to the flagship Misfah and Duqm power plants to deliver highly efficient energy and add a significant 2.6 GW to Oman’s power system, helping meet evolving demand and ambitious energy targets.”

Siemens Energy, employing roughly 105,000 individuals across more than 90 countries, reported revenue of €39.1 billion during the 2025 fiscal year. An estimated one-sixth of all globally generated electricity relies upon technologies provided by Siemens Energy, whose extensive international expertise will now play a foundational role in driving Oman’s future energy transition.

Emirates Global Aluminium (EGA), the largest industrial organisation in the United Arab Emirates outside the oil and gas sector, has officially inaugurated the nation’s largest aluminium recycling plant.

Emirates Global Aluminium (EGA), the largest industrial organisation in the United Arab Emirates outside the oil and gas sector, has officially inaugurated the nation’s largest aluminium recycling plant.

Located in Al Taweelah, this facility represents a vital milestone in EGA’s strategic expansion into low-carbon aluminium production and serves as a boost for the development of the UAE’s circular economy.

The inauguration ceremony welcomed dignitaries including Her Excellency Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, alongside Her Excellency Dr. Shaikha Salem Al Dhaheri, Secretary General of the Environment Agency - Abu Dhabi (EAD). Also in attendance were EGA’s Chairman Homaid Al Shimmari, Vice Chairman His Excellency Saeed Al Tayer, and various members of EGA’s Board and senior management.

During the event, Her Excellency Dr. Amna bint Abdullah Al Dahak emphasised the broader implications:

“Recycling is the cornerstone of the UAE’s Circular Economy Policy which aims to transform the nation into a global hub for green development by shifting from linear to circular production and consumption, enhancing resource efficiency, and minimising waste. Aluminium represents one of our greatest opportunities to drive this transition from linear to circular model of production. It is infinitely recyclable, protecting our ecosystems while fuelling a sustainable, low-carbon economy. Recycling aluminium waste requires up to 95 per cent less energy compared to producing new primary aluminium from raw ore, saving significant energy and reducing greenhouse gas emissions.”

She further added:

“Emirates Global Aluminium has been a pioneer of our nation’s industry for decades, and today, they are leading the charge as our national champion in aluminium recycling. I congratulate EGA on the strategic growth of its recycling business both here in the UAE and globally, proving that industrial leadership and climate action go hand in hand.”

Capacity and Production Details

The Al Taweelah plant has a production capacity of 185,000 tonnes per year. It processes post-consumer and some pre-consumer aluminium scrap, transforming it into low-carbon premium aluminium billets and T-bars, marketed as RevivAL. EGA also blends recycled metal with primary aluminium produced using solar power, marketed as CelestiAL-R, and with nuclear power, sold as MinimAL-R.

Historically, the majority of aluminium scrap generated within the UAE has been exported for processing outside the country. The Al Taweelah facility rectifies this by offering local capacity, positioning EGA as the largest consumer of aluminium scrap in the UAE.

Construction and Operational Timeline

Constructing the plant required four million hours of work, completed with zero injuries requiring time off. The project utilised more than 26,300 cubic metres of concrete—exceeding the volume of ten Olympic-size swimming pools—and over 4,600 metric tonnes of structural steel, equivalent to two-thirds of the iron weight of the Eiffel Tower.

Initial production commenced in February. However, final commissioning was paused following an Iranian attack on Khalifa Economic Zone Abu Dhabi on 28 March. Commissioning resumed during April, and recycled cast metal production recommenced in early May. The ramp-up to full production will take up to six months, dependent on scrap availability.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, stated:

“The inauguration of Al Taweelah recycling plant is a major milestone in EGA’s development of a global aluminium recycling business. This new plant turns aluminium waste generated in the UAE and elsewhere into new aluminium that makes modern life possible around the world. With this project, we have added a new industrial activity to EGA’s operations in the UAE, in line with Make it in the Emirates and the UAE’s Operation 300bn industrial growth strategy.”

Global Expansion

The plant is part of EGA’s global ambitions. Including a planned acquisition of an 80 per cent stake in Italian company Eco Green, EGA’s total recycling capacity exceeds 400,000 tonnes per year across the UAE, Europe, and the United States, with an additional 200,000 tonnes under development.

This follows acquisitions in Germany and the United States in 2024. EGA Leichtmetall in Germany is expanding more than six-fold, adding a second plant near Hannover with 150,000 tonnes of capacity, expected during 2028. In Minnesota, EGA Spectro Alloys completed a 65,000 tonnes expansion in 2025 and is developing a second phase to add a further 35,000 tonnes by 2027.

Siemens Energy has secured a major contract to supply advanced turbine and generator technology for the 2.6 gigawatt (GW) Taweelah C independent power producer (IPP) project in Abu Dhabi, UAE.

Siemens Energy has secured a major contract to supply advanced turbine and generator technology for the 2.6 gigawatt (GW) Taweelah C independent power producer (IPP) project in Abu Dhabi, UAE.

Karim Amin, a member of the executive board of Siemens Energy, noted that the project will feature the first 'HL-class' gas turbine in the UAE.

Driving grid stability and sustainability

The project represents the third power plant on the Taweelah site to be equipped by Siemens Energy. The combined-cycle facility is designed to deliver critical operational flexibility and strengthen grid stability,  and will play a pivotal role in enabling large-scale renewable energy integration across the Emirate of Abu Dhabi.

Also, the plant’s design allows for the future utilization of carbon capture and storage units. This aligns directly with the UAE’s broader strategic goal to achieve climate neutrality by 2050.

Global supply chain and project partners

The comprehensive scope of supply features:

• Three SGT5-9000HL gas turbines, manufactured in Berlin, Germany
• Two SST5-5000 steam turbines, manufactured in Muelheim, Germany
• Five generators, comprising SGen5-3000W and SGen5-2000P models, manufactured in Charlotte, USA
• Associated auxiliary systems

The project is being developed by the Abu Dhabi National Energy Company (TAQA) alongside an international consortium that includes Saudi Arabia’s Al Jomaih Energy and Water Company and Singapore’s Sembcorp Industries. Engineering, procurement, and construction duties are being handled by the contractor, China Energy Engineering Group Corporation, while the Emirates Water and Electricity Company (EWEC) will serve as the sole procurer of the generated electricity.

Siemens Energy’s global footprint

As a major force in global energy technology, Siemens Energy accounts for an estimated one-sixth of the electricity generated worldwide. Covering almost the entire energy value chain, from conventional gas and steam turbines to hydrogen-operated hybrid power plants and wind energy through its subsidiary Siemens Gamesa—the company supports the transition to a sustainable energy future.

The company employs approximately 105,000 people across more than 90 countries. In the 2025 fiscal year, it generated €39.1 billion in revenue.

Siemens Energy continues to cement its role as a key architect of the global energy transition by combining cutting-edge German and American engineering with localized strategic partnerships. The Taweelah C project not only underscores the company's commitment to the UAE's economic development but also serves as a vital blueprint for balancing immediate grid reliability with long-term de-carbonization objectives.