Emirates Islamic, one of the Islamic financial institutions in the UAE, has announced a landmark structured funding transaction valued at USD 500 million to Mass Group Holding.
The funding will be used to construct a natural gas fired power plant with an impressive capacity of 1.7GWh, in Romania, set to be the largest of its kind in Europe. With a total project value estimated at EUR 1.2 billion, this facility is poised to become a cornerstone of Europe’s energy security and a significant driver of economic growth for Romania.
The new power plant, located in the northwest of Romania, will play a pivotal role in strengthening the energy infrastructure of Romania and its neighbouring countries. Romania’s power grid is already interconnected with Hungary, Ukraine, Moldova, Bulgaria and Serbia, which is crucial for ensuring a robust and reliable power supply across the European region. Romania’s gas grid connections with Hungary and Ukraine guarantee a steady supply of natural gas, essential for the plant’s operations. The project is anticipated to commence electricity generation by the first quarter of 2026, and to be under full operation by the end of 2026.
Through this financing agreement, Emirates Islamic is taking a significant step forward in reinforcing its commitment to advancing the bank’s objectives. The bank’s primary goal is to support its customers’ business ventures overseas, specifically in the development of critical energy infrastructure in strategic regions. This initiative aligns perfectly with its mission to provide comprehensive financial solutions that enable its customers to achieve their goals and contribute to the growth and sustainability of key sectors. The bank believes that by fostering such developments, it not only enhances customers’ capabilities but also plays a crucial role in the broader economic landscape.
Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, said: “The financing agreement with Mass Group Holding solidifies the position of Emirates Islamic as a leading regional Islamic financier known for its structured financing excellence. This agreement underscores our unwavering commitment to ethical banking principles and our dedication to delivering advanced, Shariah-compliant financing solutions that meet the evolving demands of the market. Our financing in the development of Europe’s largest gas-fired power plant is not just about finance; it represents a significant leap towards achieving energy resilience, economic advancement and a greener future.”
Ahmed Ismael Saleh, Chairman of Mass Group Holding, stated: “We are proud to partner with Emirates Islamic, whose commitment to innovative financing solutions has been instrumental in making this ambitious project a reality. This USD 500 million funding from Emirates Islamic represents a monumental step forward for Mass Group Holding and the energy landscape of Europe. This project is a testimony to our vision for a secure and sustainable energy future.”
Emirates Islamic continues to solidify the bank’s position as a leader in providing innovative Islamic financial structures, leading the market with Shariah-compliant product innovation.
