Dubai, UAE — Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, ahead of its target date.
DEWA Managing Director and CEO Saeed Mohammed Al Tayer announced the refinancing at an event at DEWA’s headquarters attended by representatives of lenders, sponsors, partners and the Noor Energy 1 refinancing team.
Noor Energy 1 has a capacity of 950 megawatts and combines concentrated solar power, parabolic trough and photovoltaic technologies, with up to 15 hours of thermal energy storage.
Al Tayer said the project is the world’s largest single-site concentrated solar power project and a national asset that provides clean, dispatchable energy to Dubai during the day and night.
He said the refinancing demonstrates the confidence of international, regional and local financial institutions in the UAE, Dubai and DEWA, while supporting Dubai’s position as a destination for long-term sustainable investment.
The transaction has enabled Noor Energy 1 to optimise financing costs and strengthen its financial structure, generating savings over the project’s operational life.
Al Tayer said the project now operates at world-class availability levels and is supported by a financial structure designed to serve it throughout its lifecycle.
DEWA and an ACWA Power-led consortium established Noor Energy 1 to design, build and operate the fourth phase of the solar park.
