27 September 2026
Dubai Electricity and Water Authority (DEWA) has completed a USD 2.70 billion refinancing of Noor Energy 1, the 950 MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park and the world’s largest single-site concentrated solar power (CSP) project. At the fixed exchange rate of AED 3.6725 per US dollar, the deal is worth about AED 9.9 billion. Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, announced it on Sunday, 27 September 2026, at DEWA’s headquarters in Al Sheraa and said the refinancing was completed well ahead of the target date. According to DEWA, the new financing optimises the project’s financing costs, strengthens its financial structure and generates substantial savings over its operational life. The lenders, the pricing, the tenor and the size of the savings were not disclosed.
The deal at a glance
| Item | Detail |
|---|---|
| Transaction | Refinancing of Noor Energy 1, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park |
| Amount | USD 2.70 billion, about AED 9.9 billion |
| Announced | 27 September 2026, at DEWA’s headquarters in Al Sheraa, Dubai |
| Announced by | Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA |
| Timing | Completed well ahead of the target date |
| Stated effect | Lower financing costs, a stronger financial structure and substantial savings over the operational life of the project |
| Asset | 950 MW: 600 MW parabolic trough, 100 MW central tower, 250 MW photovoltaic |
| Storage | Up to 15 hours of thermal energy storage |
| Shareholders | DEWA, ACWA Power (25%) and China’s Silk Road Fund |
| Not disclosed | Names of the lenders, interest margin, tenor, amount of the savings |
What DEWA announced
The announcement was made at an event at Al Sheraa attended by representatives of the lenders, the sponsors, partners and the Noor Energy 1 refinancing team. Al Tayer described the transaction as more than a financial refinancing and called Noor Energy 1 a national asset. He said the plant supplies clean, dispatchable energy to Dubai during both day and night and is a cornerstone of the Dubai Clean Energy Strategy 2050.
In Al Tayer’s words, the USD 2.70 billion refinancing demonstrates the confidence of international, regional and local financial institutions in the UAE, Dubai and DEWA, and reinforces Dubai’s position as a trusted destination for long-term sustainable investment. He added that the project now operates at world-class availability levels, supported by a financial structure designed to serve it throughout its lifecycle. DEWA and an ACWA Power-led consortium established Noor Energy 1 to design, build and operate the fourth phase of the solar park.
Why refinance a plant that is already running
Large power plants are usually built with project finance: long-term loans that are repaid from the future revenue of the plant and are raised while the plant exists only on paper. Noor Energy 1 received its notice to proceed in December 2018 and raised its original financing in 2019, when construction risk was still ahead. The plant was inaugurated by Sheikh Mohammed bin Rashid Al Maktoum in December 2023 and, according to ACWA Power, reached commercial operations in the first quarter of 2024.
Once a plant is built and generating, lenders no longer carry construction risk and can look at an operating record. That is when owners typically replace the original loans with new facilities on different terms. DEWA says this refinancing lowered the cost of financing Noor Energy 1 and strengthened its financial structure. The statement does not compare the old and new terms, so the scale of the savings cannot be calculated from public data.
Noor Energy 1 in numbers
- Capacity: 950 MW in total, combining 600 MW of parabolic trough, 100 MW from a central tower and 250 MW of photovoltaic panels.
- Storage: up to 15 hours of thermal energy storage, so the plant can deliver power after sunset.
- Records: two Guinness World Records, for the tallest CSP central tower in the world at 263.126 metres and the largest thermal energy storage plant in the world at 5,907 MWh.
- Tariff: a levelised tariff of USD 7.30 cents per kilowatt-hour, about 26.8 fils, under a 35-year build, own and operate power purchase agreement with DEWA as the offtaker.
- Footprint: a project area of 44 square kilometres.
- Impact: clean energy for more than 320,000 homes and a reduction of 1.6 million tonnes of carbon dioxide emissions a year.
- Timeline: awarded to an ACWA Power-led consortium in 2017, inaugurated in December 2023, commercial operations from the first quarter of 2024.
Unlike photovoltaic panels, which generate only while the sun is up, a CSP plant uses mirrors to concentrate sunlight and heat a fluid. At Noor Energy 1 part of that heat is stored in molten salt tanks and turned into electricity after dark, which is why DEWA calls the plant dispatchable.
Where Noor Energy 1 sits in Dubai’s energy mix
In its results for the first half of 2026, DEWA reported installed generation capacity of 17,979 MW, of which 3,860 MW, or 21.5%, is clean energy capacity. We covered those results, including the record profit and the dividend, in our article on DEWA’s record first half of 2026. The solar park keeps growing: DEWA and Masdar have reached financial close on the 1,800 MW sixth phase. At the national level, the UAE raised its clean energy target to 35% of the energy mix by 2030-31, as we reported in our piece on the new UAE clean energy target.
What it means for companies in the UAE
The refinancing does not create a new procedure, fee or deadline for businesses, and DEWA’s statement does not mention any change to customer tariffs. Its relevance is practical rather than regulatory.
- Long contracts are the norm in Dubai’s power sector. Noor Energy 1 sells its output to DEWA under a 35-year agreement, and the project is financed against that revenue. Suppliers and contractors that want to work in the sector deal with counterparties that plan on this horizon.
- The solar park is still expanding, with the sixth phase under way, so demand continues for engineering, installation, operations and maintenance services around it.
- For companies of any size, a working relationship with UAE banks starts with a corporate account. Banks review the ownership structure, the licence activities and the source of funds. Our guide to opening a corporate bank account in the UAE explains the documents and the process.
Checklist for companies working with Dubai’s energy sector
- Check that your trade licence covers the activities you plan to offer, such as engineering consultancy, installation, maintenance or energy trading, before you bid for work.
- Keep your corporate bank account, audited accounts and ownership documents up to date: large counterparties and lenders review them before long-term contracts.
- Follow DEWA announcements on new phases of the Mohammed bin Rashid Al Maktoum Solar Park and on independent power projects.
- Plan work visas for engineers and project staff early, since long projects need people on the ground for years.
How Atlant Capital can help
We do not arrange project finance or advise on energy tariffs. We set up and maintain the business side of companies that want to work in the UAE, including in energy, engineering and related services.
- Company formation in a free zone or on the mainland, with licence activities matched to engineering, installation, maintenance or trading.
- Corporate bank account opening, including the documents banks request from companies with foreign shareholders.
- Work visas and residency for engineers, project managers and their families.
The bottom line
DEWA has refinanced Noor Energy 1, the 950 MW CSP and photovoltaic plant with up to 15 hours of thermal storage, for USD 2.70 billion, about AED 9.9 billion, well ahead of the target date. DEWA says the new financing lowers costs and will generate substantial savings over the life of the plant, and presents the deal as a sign of lenders’ confidence in Dubai. The names of the lenders and the terms of the new financing were not published.
Source: Emirates News Agency (WAM), ACWA Power, Noor Energy 1.
FAQ
What is Noor Energy 1?
Noor Energy 1 is the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai and the world’s largest single-site concentrated solar power project. It has a capacity of 950 MW: 600 MW of parabolic trough, 100 MW from a 263.126 metre central tower and 250 MW of photovoltaic panels. Its shareholders are DEWA, ACWA Power and China’s Silk Road Fund.
How large is DEWA’s refinancing of Noor Energy 1?
The refinancing totals USD 2.70 billion, about AED 9.9 billion at the fixed rate of AED 3.6725 per US dollar. Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, announced it on 27 September 2026 and said it was completed well ahead of the target date. The lenders, the pricing and the tenor were not disclosed.
Why was Noor Energy 1 refinanced?
According to DEWA, the refinancing optimised the project’s financing costs, strengthened its financial structure and will generate substantial savings over its operational life. The plant has been in commercial operation since the first quarter of 2024, and a plant with an operating record can borrow on different terms than a project under construction. The amount of the savings was not published.
How long can Noor Energy 1 store solar energy?
Noor Energy 1 has up to 15 hours of thermal energy storage, which lets it supply electricity to Dubai after sunset. Its storage holds a Guinness World Record as the largest thermal energy storage plant in the world, at 5,907 MWh. The plant sells its output to DEWA under a 35-year power purchase agreement.
