DEWA completes $2.70bn refinancing of Noor Energy 1 solar project

Dubai Electricity and Water Authority said the refinancing of the 950 MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park closed ahead of schedule, cutting financing costs over the project’s life.

27 September 2026

Dubai Electricity and Water Authority PJSC completed a US$2.70 billion refinancing of Noor Energy 1, the 950-megawatt fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the Emirates News Agency reported on 27 September 2026. Managing director and CEO Saeed Mohammed Al Tayer said the transaction closed well ahead of the target date. The plant combines concentrated solar power, parabolic trough and photovoltaic technologies, with up to 15 hours of thermal storage.

• Dubai Electricity and Water Authority PJSC completed a US$2.70 billion refinancing of Noor Energy 1 on 27 September 2026, WAM reported.
• Noor Energy 1 is the 950-megawatt fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.
• DEWA managing director and CEO Saeed Mohammed Al Tayer said the refinancing closed well ahead of the target date at an event at Al Sheraa.
• Noor Energy 1 combines concentrated solar power, parabolic trough and photovoltaic technologies, with up to 15 hours of thermal energy storage.
• WAM said the refinancing lets Noor Energy 1 optimise financing costs over the project’s operational life; DEWA and an ACWA Power-led consortium established the company to build and operate the phase.

Dubai Electricity and Water Authority PJSC (DEWA) has completed a US$2.70 billion refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, according to an Emirates News Agency (WAM) report on Sunday, 27 September 2026.

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said the transaction closed well ahead of the target date at an event at Al Sheraa, DEWA’s headquarters, attended by lenders, sponsors, partners and the refinancing team.

Noor Energy 1 has a capacity of 950 megawatts and combines concentrated solar power, parabolic trough and photovoltaic technologies, with up to 15 hours of thermal energy storage. Al Tayer described the plant as a national asset and the world’s largest single-site concentrated solar power project, supplying clean, dispatchable power to Dubai day and night under the Dubai Clean Energy Strategy 2050.

He said the refinancing demonstrates confidence among international, regional and local financial institutions in the UAE, Dubai and DEWA, and that it reinforces Dubai’s standing as a destination for long-term sustainable investment.

According to WAM, the refinancing has enabled Noor Energy 1 to optimise financing costs and strengthen its financial structure, generating substantial savings over the project’s operational life. DEWA and an ACWA Power-led consortium established Noor Energy 1 to design, build and operate the fourth phase of the solar park.

DEWA shares trade on the Dubai Financial Market under the ticker DEWA.