News | Headlines
First gigascale 24/7 renewables project
Abu Dhabi Renewable energy Clean energy giant Masdar has achieved financial close on the world’s first gigascale, round-the-clock (RTC) renewable energy project, with a total investment of $6.1bn (Dh22.4bn). The project is being developed by Masdar in partnership with the Emirates Water and Electricity Company (EWEC) in Abu Dhabi. The facility will combine a 5.2 GW solar photovoltaic plant with a battery energy storage system (BESS) capable of 19 GWh. The project is described as the largest and most technically advanced system of its type globally.
A consortium of 13 international and local banks is providing $5.1bn in financing for the project, with Masdar supplying $1bn in equity. Funding for the development has been provided mainly by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, BNP Paribas, Bank of China, Crédit Agricole Corporate and Investment Bank, and Dubai Islamic Bank. Construction of the project commenced in October 2025, with completion and
operational status expected in 2027. It is a core part of the United Arab Emirates’ clean energy strategy, intended to support energy security and economic diversification in the region. Rising electricity demand from sectors such as AI, data centres and advanced manufacturing is a key context issue. Masdar views the completion of this milestone as evidence of its ongoing ability to secure institutional investment and deliver complex renewable infrastructure alongside public and private sector partners. Masdar CFO Mazin Khan said: “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.” Masdar’s portfolio comprises more than 65 GW of renewable energy projects across both established and emerging markets. Its assets include a diverse mix of technologies including solar, onshore and offshore wind, battery storage and hybrid systems.
RWE invests €25 m in fusion
technology start-up Germany Nuclear fusion RWE has invested €25 million in the funding round of Munich-based magnetic fusion start-up Proxima Fusion. RWE had already signalled its willingness to make a financial investment, in the co-operation agreement signed in February by the Free State of Bavaria, Proxima Fusion, the Max Planck Institute for Plasma Physics (IPP) and RWE. In this agreement, the partners reaffirm their intention to collaborate towards the first commercial magnetic fusion power plant. It will be located at RWE’s Gundremmingen site. Germany would seem to offer a unique environment for nuclear fusion: highly rated research institutions, ambitious start-ups, committed industrial partners, an efficient supply chain and suitable former nuclear sites that can be utilised for fusion development.
These are good conditions for gaining a decisive speed advantage in the global competition for fusion energy. Proxima Fusion has chosen the
Gundremmingen site for the development of the first commercial magnetic fusion power plant. The company, together with the IPP and with the support of the Free State of Bavaria, has submitted a bid in the federal government’s ongoing tender for a magnetic fusion hub. RWE will – if the site is awarded the contract for the magnetic fusion hub – consistently continue the decommissioning process in order to make the existing nuclear infrastructure available as early as possible for reuse in fusion-related activities. Proxima Fusion will now initiate the necessary approval process for Gundremmingen with the Bavarian Ministry of the Environment.
Siemens Energy sets out Omterra rebrand plan
Germany Mergers & acquisitions Siemens Energy will begin rebranding as Omterra later this year, marking the next stage in the company’s separation from Siemens AG five years after its spin-off. The transition will bring Siemens Energy and Siemens Gamesa Renewable Energy together under a single corporate brand and will be introduced in phases. The move follows the company’s 2020 spin-off from Siemens AG, after which it continued operating under the Siemens Energy name through a time-limited licensing agreement covering use of the Siemens brand.
With that agreement approaching its end, the company has decided to adopt a standalone identity.
Chief executive Christian Bruch said Siemens Energy had reached a point where it was ready to establish its own global brand, citing improvements in the company’s financial performance, profitability and market position since becoming an independent business. Bruch noted that the Siemens name had played an important role during the company’s early years as a standalone enterprise, helping it build customer confidence while it established itself in the energy sector. He said the transition reflects the progress made since the spin-off and the company’s ambitions for future growth.
The new Omterra name will become the umbrella brand for both Siemens Energy and wind turbine manufacturer Siemens Gamesa Renewable Energy, simplifying the group’s brand structure across its businesses. The company said the name was selected to reflect its international footprint, engineering capabilities and focus on supporting reliable energy systems. The rebranding is not expected to affect the company’s operations, strategy or relationships with customers and suppliers. Existing products, services and projects will continue under the same business structure while branding changes are rolled out over time.
For the power sector, the change represents the final stage of Siemens Energy’s transition from a business carrying one of Germany’s best-known industrial names to a fully independent company with its own identity.
Visualisation of Gundremmingen magnetic fusion hub. Image: Proxima/RWE
The gradual introduction of the Omterra brand is expected to take place over the coming months, with further details due as the rollout progresses.
6 | July/August 2026 |
www.modernpowersystems.com
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