Noor Energy 1 announces $2.7bn refinancing for fourth phase of Solar Park

His Excellency Saeed Mohammed Al Tayer, Managing Director and Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), announced the successful refinancing of the Noor Energy 1 project at USD 2.70 billion, well ahead of the target date, during a speech delivered at Al Sheraa Building, DEWA’s headquarters, in the presence of representatives of the lenders, sponsors, partners, and the Noor Energy 1 refinancing team. A consortium led by DEWA and Acwa formed a project company, Noor Energy 1, to design, build, and operate the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.

In his speech, His Excellency Saeed Mohammed Al Tayer said: “I am honoured to announce the successful refinancing of Noor Energy 1 — the 950 MW Hybrid CSP+PT and PV Project — for USD 2.70 billion, achieved well ahead of schedule.”

He added: “This is more than a financial transaction. We are refinancing a national asset. It is the world’s largest single-site Concentrated Solar Power project, combining Photovoltaic and Concentrated Solar Power technologies with up to 15 hours of thermal energy storage — capable of delivering clean, dispatchable energy to Dubai, day and night. It is a first-of-its-kind project in the region and a cornerstone of the Dubai Clean Energy Strategy 2050.”

His Excellency reviewed the journey of the Noor Energy 1 project from ground-breaking, through execution, to full Commercial Operation, and now to its first refinancing. He described it as a demanding journey that tested the team’s resilience in the face of global market volatility, supply chain pressures, and the technological complexity of delivering a plant of this scale operating with a mix of solar energy technologies.

He expressed his deepest appreciation to all stakeholders, stressing that their unwavering commitment, professionalism, and belief in this vision were the key catalysts that made these achievements possible.

His Excellency explained that the USD 2.70 billion refinancing carries three powerful messages: First, it is a strong reaffirmation of the confidence that the international, regional, and local financial community places in the United Arab Emirates, in Dubai, and in DEWA. Second, it reaffirms Dubai’s position as the most trusted and preferred destination for long-term sustainable investment. Third, it reflects the strength of the model built together — one based on transparency, delivery, and trust.

He thanked the lenders, noting that their proactive engagement and overwhelming support, in a market defined by liquidity concerns and interest rate volatility, represent a true vote of confidence — not only in this project, but also in the UAE economy and in the collective ability to deliver. He also thanked the Project Company for its continued commitment and its dedication to operational excellence at every stage.

His Excellency affirmed that the refinancing enabled the optimization of financing costs and the enhancement of the financial structure, generating substantial savings over the operational life of the project. He noted that the real value is not limited to financial optimization but extends to long-term resilience. He added that the plant now operates at world-class availability, supported by a financial structure that is equally reliable and sustainable, and designed to serve the project throughout its lifecycle.

His Excellency concluded by affirming that “this achievement ensures that Noor Energy 1 will continue to deliver clean energy efficiently and sustainably, and on a win-win basis for all — for our people, our partners, and our planet,” thanking all who contributed to making this landmark achievement possible.