Noor Energy 1 refinances 950 MW CSP-PV complex with $2.7 billion debt package
Type: Financing · Technology: Solar · Country: United Arab Emirates · Capacity: 950 MW · Value: $2.7B · Announced: 2026-09-28
Noor Energy 1 replaced its original project debt with a $2.7 billion refinancing for the 950 MW Dubai solar complex (700 MW CSP paired with 250 MW PV) announced on 2026-09-28. The complex, part of Mohammed bin Rashid Al Maktoum Solar Park Phase 4, includes a 600 MW parabolic trough plant, a 100 MW solar tower and a PV array and provides up to 15 hours of thermal energy storage. DEWA Chief Executive Officer Saeed Mohammed Al Tayer said the refinancing closed "well ahead of schedule" and will generate substantial savings over the operational life of the project. The project reached financial close in March 2019 at a cost of AED 15.78 billion ($4.3 billion) and initially achieved tariffs of $0.073/kWh for CSP and $0.024/kWh for PV. DEWA, ACWA Power and China’s Silk Road Fund own Noor Energy 1, and lenders committed financing despite market liquidity concerns and interest rate volatility. Specific tenor, pricing and participating lending institutions were not disclosed in the announcement.
Analysis
Noor Energy 1 refinanced its 950 MW Dubai solar complex with a $2.7 billion debt package on 28 September 2026. ACWA Power, the Riyadh‑based developer and investor, manages a portfolio of 80 projects valued at $85.3 billion. Dubai Electricity and Water Authority (DEWA), the project developer, announced that the refinancing closed well ahead of schedule. Silk Road Fund, a co‑owner of Noor Energy 1, participated in the financing alongside other lenders. The refinancing replaces the original March 2019 financial close debt for a project that cost AED 15.78 billion and initially secured tariffs of $0.073/kWh for CSP and $0.024/kWh for PV, though specific tenor and pricing were not disclosed.
Key points
- $2.7 billion debt refinancing
- 950 MW capacity (700 MW CSP + 250 MW PV)
- Original financial close March 2019 at AED 15.78 billion
- ACWA Power portfolio: 80 projects, $85.3 billion value
- Refinancing closed 28 September 2026 ahead of schedule
Counterparties
- Silk Road Fund (Parent Company)
- ACWA Power (Parent Company)
- Dubai Electricity and Water Authority (DEWA) (Developer)
- Noor Energy 1 (Borrower)
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