Dubai Electricity and Water Authority (DEWA) has completed the $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.

 Saeed Al Tayer, DEWA Managing Director and CEO, said the transaction, announced at an event at DEWA’s headquarters, reflects strong confidence from international, regional and local financial institutions in Dubai, the UAE and DEWA.

With a capacity of 950 megawatts, Noor Energy 1 combines concentrated solar power (CSP), parabolic trough and photovoltaic technologies, 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.

Al Tayer said the refinancing “represents more than a financial refinancing”, describing Noor Energy 1 as a national asset and a cornerstone of the Dubai Clean Energy Strategy 2050.

He said 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. -OGN/TradeArabia News Service