Dubai - Mubasher: Emirates Islamic Bank has provided $500 million in structured financing to Mass Group Holding for the construction of a 1.7 GWh natural gas-fired power plant in northwest Romania.
Valued at EUR 1.20 billion, the facility is set to become the largest of its kind in Europe and a key contributor to regional energy security, according to a press release.
Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, said: “The financing agreement with Mass Group solidifies the position of [our bank] as a leading regional Islamic financier known for its structured financing excellence.”
“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,” he added.
The project will bolster Romania’s energy infrastructure and supply neighboring countries through its interconnected power grid with Hungary, Ukraine, Moldova, Bulgaria, and Serbia.
Meanwhile, the plant is expected to start generating electricity in the first quarter (Q1) of 2026 and reach full operation by the end of 2026.
Romania’s gas grid links with Hungary and Ukraine will ensure a stable fuel supply for the project.
Ahmed Ismael Saleh, Chairman of Mass Group Holding, stated: “This $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 testament to our vision for a secure and sustainable energy future.”
The financing reflects the bank’s commitment to supporting clients’ international ventures, particularly in strategic energy infrastructure projects.
The initiative aligns with the lenders’ mission to provide comprehensive financial solutions that drive sustainable growth and strengthen key economic sectors.
In September 2025, Emirates Islamic priced a landmark $500 million sustainability-linked Sukuk, marking the first transaction of its kind globally.
