DEWA Completes $2.7bn Refinancing for Noor Energy 1 Project, World’s Largest Single-Site CSP Plant

DEWA has completed a $2.7 billion refinancing of Noor Energy 1, Dubai’s 950MW hybrid solar project. The plant is the largest single-site concentrated solar power (CSP) facility in the world, the utility said. Dubai Electricity and Water Authority said it has finished the deal before the deadline. Importantly, $2.7 billion is the refinancing amount, not a new construction cost. DEWA anticipates that the new financing arrangement will provide significant savings during the plant’s life. It has not disclosed a savings figure. In other aspects, Saudi Arabia is getting its first purpose-built battery energy storage (BESS) manufacturing facility. ZOE Energy Group, a Chinese battery storage specialist, has signed a joint venture with a Saudi partner to erect an 18-gigawatt-hour factory on a 150-acre site engineered specifically for extreme desert conditions.

How Noor Energy 1 Delivers Power after Sunset

Noor Energy 1 is a CSP and PV generation project at Mohammed bin Rashid Al Maktoum Solar Park. It can provide electricity output for 15 hours or more, beyond daylight hours, due to its thermal storage. The plant is the fourth phase of the solar park and was opened in late 2023. The project company was set up by a consortium comprising DEWA and Acwa to provide delivery and operation of the project. The finished refinancing, meanwhile, is for the long-term cost of an asset already providing power. It also supports Dubai’s Clean Energy Strategy 2050. The announcement, however, did not include the original construction cost of the plant.

Project Overview

• Project Name: Noor Energy 1
• Refinancing Value: $2.7 billion
• Construction Cost: Not disclosed in the announcement
• Location: Dubai, UAE
• Status: Operational since late 2023

Scope

• 950MW hybrid CSP and photovoltaic facility
• Up to 15 hours of thermal energy storage

Project Highlights

• World’s largest single-site CSP project
• Fourth phase of Mohammed bin Rashid Al Maktoum Solar Park
• Developed by a DEWA- and Acwa-led consortium

Key Developments

• Refinancing completed ahead of target
• Revised structure expected to deliver long-term savings

Outlook

• Plant continues supplying dispatchable clean electricity
• Financing savings will accrue over its operating life