DEWA Completes $2.70 Billion Refinancing of Noor Energy 1 Solar Project

Dubai's flagship concentrated solar power facility has secured significant financial restructuring ahead of schedule, reinforcing investor confidence in the emirate's renewable energy leadership.

The Dubai Electricity and Water Authority has successfully completed a US$2.70 billion refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, marking a significant milestone in the emirate’s clean energy transition.

Saeed Mohammed Al Tayer, Managing Director and Chief Executive of DEWA, announced the achievement at the authority’s headquarters, highlighting that the transaction concluded well ahead of its original target date. The refinancing was celebrated with representatives of lenders, sponsors, partners and the project’s dedicated team.

Noor Energy 1 represents a technological landmark, combining concentrated solar power technology with parabolic trough and photovoltaic systems. The facility operates with a capacity of 950 megawatts and incorporates up to 15 hours of thermal energy storage capability, enabling the provision of clean, dispatchable energy to Dubai throughout both day and night hours.

Mr Al Tayer characterised the refinancing as far more than a routine financial transaction, describing Noor Energy 1 as a national asset and the world’s largest single-site concentrated solar power installation. The project forms a cornerstone of the Dubai Clean Energy Strategy 2050, advancing the emirate’s commitment to sustainable energy generation.

The successful refinancing underscores the confidence placed by international, regional and local financial institutions in the United Arab Emirates, Dubai and DEWA as destinations for long-term investment. It reinforces Dubai’s standing as a trusted hub for sustainable finance, reflecting a governance model founded upon transparency, operational delivery and institutional trust.

Beyond immediate financial benefits, the refinancing has enabled Noor Energy 1 to optimise its financing costs and strengthen its underlying financial structure, generating substantial savings across the project’s operational lifecycle. The facility now operates at world-class availability standards, supported by a resilient financial framework designed to sustain operations throughout its operational tenure.

DEWA established Noor Energy 1 in partnership with an ACWA Power-led consortium, tasking the partnership with designing, constructing and operating this transformative energy facility.

Source: WAM