DEWA refinances Noor Energy 1 at USD 2.70 billion: what a cheaper solar park means for Dubai home running costs
DEWA completed the refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, in a deal worth USD 2.70 billion on 27 September 2026, ahead of the closing date it had set for the transaction.
The plant runs at 950 megawatts and was built for AED 15.78 billion under the independent power producer model, south of Dubai off Al Qudra Road. It combines 600 megawatts of parabolic trough concentrated solar power, a 100 megawatt solar tower and 250 megawatts of photovoltaic panels, with up to 15 hours of thermal storage in the trough and tower sections. DEWA owns 51 per cent of the project company, ACWA Power holds 25 per cent and China's Silk Road Fund holds 24 per cent. At full output the phase covers about 320,000 homes and avoids roughly 1.6 million tonnes of carbon dioxide a year.
The refinancing replaces the original project debt with cheaper financing and adds no new capacity. Savings apply to the project company and its shareholders, and would reach residential bills only through a future tariff decision, none of which has been announced.
Originally published on Doment, Dubai property intelligence.
Comments
Post a Comment