Emirates Islamic Bank has successfully completed a structured financing deal worth 500 million USD for Mas Group Holding.
The purpose of this financing is to establish a natural gas power generation plant in Romania, with a production capacity of 1.7 gigawatt hours, which will become the largest facility of its kind in Europe. The total project cost is estimated at around 1.2 billion euros, making it a strategic initiative to enhance European energy security and a key driver for Romania’s economic growth.
The plant will be located in northwestern Romania, playing a crucial role in strengthening the energy infrastructure of the country and neighboring nations. The Romanian electricity grid is interconnected with Hungary, Ukraine, Moldova, Bulgaria, and Serbia, ensuring strong and reliable electricity supplies across the European region. Moreover, Romania’s gas network, linked with Hungary and Ukraine, provides a steady supply of natural gas necessary for the operation of the plant. The project is scheduled to commence electricity production by the first quarter of 2026, with full operational capability expected by the end of that year.
Experts have noted that this financing agreement marks a significant step in reinforcing Emirates Islamic Bank’s commitment to supporting its clients’ projects abroad, particularly in vital energy sectors. This initiative aligns with the bank’s mission to provide comprehensive financial solutions that comply with Islamic law, contributing to the growth and sustainability of strategic sectors.
Mohammad Kamran Wajid, the Deputy CEO of the bank, stated: “The financing agreement with Mas Group Holding enhances our status as a leading Islamic financial institution, recognized for its excellence in structured finance. It reaffirms our commitment to delivering innovative financing solutions that meet the evolving market needs. Our involvement in developing the largest gas power plant in Europe is not just about funding; it represents a transformative step towards strengthening energy sector resilience, supporting economic growth, and building a sustainable future.”
In turn, Ahmad Ismail Saleh, Chairman of Mas Group Holding, expressed pride in the partnership with Emirates Islamic Bank, highlighting the bank’s commitment to providing innovative financing solutions as a pivotal factor in turning this ambitious project into a reality. The 500 million USD funding serves as a significant boost for Mas Group and the European energy sector, reflecting their vision for a secure and sustainable energy future.
Emirates Islamic Bank continues to solidify its position as a pioneer in innovative structured Islamic financing, enhancing its role in delivering creative and Sharia-compliant solutions that support vital energy and infrastructure projects at both regional and international levels.