Abu Dhabi Future Energy Company — A key turning point in the commercialization of the next generation of clean energy infrastructure was reached on Monday when Masdar, a global leader in clean energy, announced the financial close for the world’s first gigascale 24/7 renewable energy project.
The $5.1 billion financing package, backed by 13 leading local and international banks, demonstrates strong market confidence in Masdar’s ability to build complex energy infrastructure at scale and in the project’s commercial feasibility.
The RTC project is being developed in Abu Dhabi by Masdar and Emirates Water and Electricity Company (EWEC), with a total capital expenditure of $6.1 billion, including $1 billion in equity funded by Masdar. RTC is the largest and most technologically advanced system of its kind in the world, combining a 19 gigawatt-hour (GWh) battery energy storage system (BESS) with a 5.2GW solar photovoltaic (PV) plant.
A group that included Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Hongkong and Shanghai Banking Corporation (HSBC), KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, and Societe Generale provided the funding.
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