Dubai-based Emirates Islamic announced on Tuesday that it has completed a $500 million structured financing arrangement for Mass Group Holding to support the development of Europe’s largest natural gas–fired power project.
Structured financing deal
The financing will fund the construction of a 1.7-gigawatt natural gas–fired power plant in Romania, which is expected to be the largest facility of its kind in Europe. The project carries an estimated total capital expenditure of approximately $1.4 billion and is positioned to strengthen Europe’s energy security while supporting Romania’s economic growth.
The transaction aligns with Emirates Islamic’s strategy of supporting client projects beyond the UAE, particularly in energy infrastructure across key international markets. The bank said the deal reflects its broader focus on financing sectors that contribute to long-term economic development.
Project details
The power plant will be developed in northwestern Romania and is expected to enhance energy capacity both within the country and across neighboring markets. Romania’s electricity grid is interconnected with Hungary, Ukraine, Moldova, Bulgaria, and Serbia, enabling regional power transmission, while gas connections with Hungary and Ukraine are expected to ensure a stable fuel supply for the facility.
The project is scheduled to begin generating electricity in the first quarter of 2026, with full operational capacity targeted by the end of the year.
Additional context
Emirates Islamic is a subsidiary of Emirates NBD, which had a market capitalization of approximately $50.3 billion as of early January 2025.
In a separate development last December, Emirates Islamic announced the provision of a $50 million Sharia-compliant trade finance facility to Eclipse Investments Group. The facility is intended to support the company’s industrial operations, trade activities, and supply chain expansion, underscoring the bank’s focus on growing its commercial banking business and supporting economic diversification initiatives.
