Abu Dhabi National Energy Company PJSC (TAQA), in partnership with Emirates Water and Electricity Company (EWEC), has achieved financial close on the ~AED 3.6 billion, 1 GW Al Dhafra Power Plant—an infrastructure milestone set to supply energy to data centres and support the UAE National Strategy for Artificial Intelligence 2031.
The project is financed primarily through debt (~85%), backed by a strong syndicate of local and international lenders, including Standard Chartered, ADCB, Agricultural Bank of China, Doha Bank, FAB, HSBC, ICBC, KfW, NBK, RAK Bank, Woori Bank, ADIB, Boubyan Bank and Ajman Bank. Construction is already underway, with TAQA advancing the project at an accelerated pace.
TAQA will build, own and operate the plant, holding 100% ownership of both the project company and the O&M entity. The financial close follows the signing of a 24-year Power Purchase Agreement with EWEC in April 2025.
TAQA said the Al Dhafra Gas Turbine Power Plant will provide flexible baseload power—critical for meeting rising AI-driven electricity demand while enabling deeper integration of renewables into the grid. EWEC highlighted the project’s role in strengthening national energy security and supporting the 24/7 power needs of next-generation digital infrastructure.
As part of TAQA Group, TAQA Transmission will also develop advanced grid infrastructure to connect new generation capacity with emerging centres of demand, ensuring reliable, low-carbon power delivery.
The Al Dhafra project sits within a broader AED 36 billion investment programme by EWEC, TAQA and Masdar to expand Abu Dhabi’s energy supply infrastructure. It will also support Masdar’s world-first 24/7 renewable energy dispatch project—the largest combined solar and battery energy storage system globally—capable of delivering up to 1 GW of round-the-clock clean baseload power, including to AI data centres.
Aligned with its growth strategy and its 43% stake in Masdar’s renewables business, TAQA is targeting 150 GW of gross power generation capacity by 2030 and says it remains on track to meet that ambition.