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Saeed Mohammed Al Tayer, managing director and chief executive of the Dubai Electricity and Water Authority, announced the $2.70 billion refinancing of Noor Energy 1 during an event at Al Sheraa, the authority’s headquarters. Representatives of the lenders, sponsors, partners and the Noor Energy 1 refinancing team attended the gathering, according to the Emirates News Agency. The transaction closed well ahead of the target date, Al Tayer stated in the announcement. The development covers the utility’s share in the special purpose vehicle established for the project.
Noor Energy 1 features a 950-megawatt capacity that combines concentrated solar power, parabolic trough and photovoltaic technologies with up to 15 hours of thermal energy storage. The Emirates News Agency reported that the facility supplies clean, dispatchable energy to Dubai during both day and night. Al Tayer described the project as a national asset and the world’s largest single-site concentrated solar power installation. The initiative represents a cornerstone of the Dubai Clean Energy Strategy 2050, he added.
The refinancing demonstrates the confidence of international, regional and local financial institutions in the UAE, Dubai and DEWA, according to Al Tayer. He noted that the transaction reinforces Dubai’s position as a trusted destination for long-term sustainable investment. The refinancing also reflects the strength of a model based on transparency, delivery and trust, Al Tayer said in the statement issued on September 27, 2026.
The Industrial and Commercial Bank of China previously listed the project’s initial debt at $2.4 billion under a soft mini-perm financing structure with ownership held by DEWA, ACWA Power and the Silk Road Fund. Project records indicate the overall investment reached approximately $4.3 billion when the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park achieved financial close in 2019. The special purpose vehicle sells the entire output to DEWA under a 35-year power purchase agreement. Standard Chartered Bank acted as intercreditor agent and documentation bank for the original facilities.
Al Tayer framed the refinancing as more than a financial exercise during the headquarters event. The Emirates News Agency conveyed his view that the project delivers renewable power on a dispatchable basis around the clock. The authority continues to integrate such assets into its expanding clean energy portfolio across multiple phases of the solar park.
