DEWA Completes $2.70 Billion Refinancing Of 950 MW Noor Energy 1 Solar Project

Dubai Electricity and Water Authority (DEWA) has announced the successful refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, through a US$2.70 billion transaction.

DEWA Managing Director and CEO Saeed Mohammed Al Tayer announced the refinancing at an event held at Al Sheraa, DEWA’s headquarters in Dubai. The event was attended by representatives from lenders, project sponsors, partners and the Noor Energy 1 refinancing team.

The refinancing was completed ahead of the target schedule and is expected to optimise the project’s financing costs while strengthening its overall financial structure. According to DEWA, the transaction will generate substantial savings over the operational life of the project.

Noor Energy 1 has a total capacity of 950 MW and integrates concentrated solar power (CSP), parabolic trough and photovoltaic technologies. The project also features up to 15 hours of thermal energy storage, allowing it to supply clean electricity beyond daylight hours.

Al Tayer said the refinancing reflects confidence from international, regional and local financial institutions in the UAE, Dubai and DEWA. He added that the transaction reinforces Dubai’s position as a destination for long-term sustainable investment.

The project is designed to provide clean and dispatchable electricity to Dubai during both daytime and nighttime periods. Its combination of solar generation and thermal storage supports the emirate’s efforts to increase renewable energy in its electricity mix while improving the availability of clean power.

DEWA described Noor Energy 1 as a national asset and highlighted its role in supporting the Dubai Clean Energy Strategy 2050. The project is also recognised as the world’s largest single-site concentrated solar power project.

According to DEWA, Noor Energy 1 is currently operating at world-class availability levels. The authority said the project’s strengthened financial structure is intended to support reliable operations throughout its lifecycle.

DEWA developed Noor Energy 1 in partnership with an ACWA Power-led consortium. The partners established the project to design, build and operate the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.

The US$2.70 billion refinancing marks a significant financial milestone for the project while supporting its long-term operational and renewable energy objectives.