Dubai Electricity and Water Authority (Dewa), has announced the successful $2.7 billion refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.

The refinancing was completed well ahead of the target date, Dewa CEO and Managing Director Saeed Mohammed Al Tayer said during an event at Al Sheraa, 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 (CSP), parabolic trough and photovoltaic technologies, with up to 15 hours of thermal energy storage, an Emirates News Agency (WAM) report said.

National asset

Al Tayer said the transaction represents more than a refinancing. Noor Energy 1 is a national asset and the world’s largest single-site concentrated solar power project.

He added that the project provides clean, dispatchable energy to Dubai during both day and night and represents a cornerstone of the Dubai Clean Energy Strategy 2050.

Al Tayer said the $2.7 billion refinancing demonstrates the confidence of international, regional and local financial institutions in the UAE, Dubai and Dewa.

Sustainable investment

He added that it also reinforces Dubai’s position as a trusted destination for long-term sustainable investment and reflects the strength of a model based on transparency, delivery and trust.

The refinancing has enabled Noor Energy 1 to optimise financing costs and strengthen its financial structure, generating substantial savings over the project’s operational life.

Al Tayer said the project now operates at world-class availability levels, supported by a reliable and sustainable 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 Mohammed bin Rashid Al Maktoum Solar Park.—TradeArabia News Service