DEWA Completes USD 2.7 Bn Noor Energy 1 Refinancing

Dubai Electricity and Water Authority (DEWA) has completed the USD 2.7 billion refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, ahead of its target date.

With a capacity of 950 MW, Noor Energy 1 combines concentrated solar power (CSP), parabolic trough and photovoltaic technologies, along with up to 15 hours of thermal energy storage.

The project is the world’s largest single-site CSP facility and provides clean, dispatchable power during both day and night. DEWA Managing Director and CEO Saeed Al Tayer said that  the refinancing reflects confidence from international, regional and local financial institutions in Dubai, the UAE and DEWA.

According to DEWA, the transaction has optimised financing costs, strengthened the project’s financial structure and generated savings over its operational life. Noor Energy 1 was developed by DEWA and an ACWA Power-led consortium, which designed, built and operates the facility.