The Dubai Electricity and Water Authority (DEWA) announced the early completion of a $2.7 billion (AED 9.9 billion) debt refinancing for the Noor Energy 1 power plant, situated within phase four of the Mohammed bin Rashid Al Maktoum Solar Park. The overall installation represents an investment of roughly $4.3 billion across 44 square kilometers.
Noor Energy 1 is a 950MW hybrid facility comprising 700MW of concentrated solar power and 250MW of photovoltaic capacity. The CSP installation combines a 100MW molten salt solar tower and three 200MW parabolic trough units, supported by a 15-hour molten salt thermal storage system designed to deliver continuous clean electricity to 320,000 households and offset 1.6 million tonnes of carbon dioxide annually.
The refinancing transaction replaces initial construction loans secured in March 2019, which stood at approximately $2.9 billion alongside $1.5 billion in equity. DEWA stated that this refinancing was finalized significantly earlier than scheduled to optimize capital costs, strengthen the project's financial structure, and yield operational savings. Specific lender identities, interest margins, terms, and total savings were not disclosed.
The project company is owned 51% by DEWA, 25% by Saudi Arabia's ACWA Power, and 24% by China's Silk Road Fund. Shanghai Electric served as the engineering, procurement, and construction (EPC) contractor. Electricity generated by the plant is purchased by DEWA under a 35-year power purchase agreement signed in 2017 at a fixed tariff of 7.3 US cents per kilowatt-hour.
Sources
- Seetao · 2026-10-06
