On September 27, 2026, Dubai Electricity and Water Authority announced that the Noor Energy 1 project has completed a $2.7 billion refinancing. This transaction corresponds to the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park project. The total installed capacity of the project reaches 950MW, combining photovoltaic, trough solar thermal, and tower solar thermal in the same large-scale new energy project, and equipped with a thermal energy storage system that can last up to 15 hours. But what really deserves attention is not just the figure of 2.7 billion US dollars. It sends a clearer signal that Dubai's large-scale new energy projects are transitioning from building power stations to financializing mature energy assets.

950MW integrates three technologies

Noor Energy 1 is not a large-scale photovoltaic power station in the traditional sense. The total installed capacity of the project is 950MW, including 600MW trough solar thermal power generation, 100MW tower solar thermal power generation, and 250MW photovoltaic power generation. That is to say, it actually integrates three sets of solar power generation technologies into one project. The most critical one is the thermal storage system configured for solar thermal power generation. One of the biggest problems with traditional photovoltaics is that they cannot continue generating electricity after the sun sets. Solar thermal power generation can first use solar energy to heat the storage medium, and then generate electricity according to the demand of the power grid. The thermal storage capacity of Noor Energy 1 can reach up to 15 hours, allowing it to continue supplying power to the grid even in the absence of sunlight. DEWA stated that this project is currently one of the largest single site centralized solar thermal power generation projects in the world and has entered the stage of full commercial operation.

Chinese Enterprises Participate in Capital and Engineering

The scale of this project itself is also very large. DEWA previously disclosed that the total investment for the fourth phase of the solar project is approximately 15.78 billion dirhams, developed under the independent power generation model, also known as the IPP model. The project company Noor Energy 1 is jointly held by many parties: DEWA holds 51%, Saudi ACWA Power holds 25%, and China the Silk Road Fund holds 24%. In other words, this is not only a new energy project in the UAE, but also an energy asset in which Chinese capital is deeply involved. In terms of engineering construction, Chinese enterprises also play a key role. Shanghai Electric is one of the main EPC contractors for this project and participated in the construction of the fourth phase of solar thermal and photovoltaic engineering. DEWA has also publicly mentioned multiple times its cooperation with Shanghai Electric regarding this project. Keywords: Middle East News Network, Solar Thermal, New Energy

Refinancing to optimize financial structure

Many people's first reaction when they see the $2.7 billion financing may be whether the project needs to continue expanding. Actually, it's not. This time it belongs to refinancing. Simply put, a sum of money was already borrowed during the early stages of project construction. After the power station is completed and put into commercial operation, the risk structure of the project changes. During the construction period, banks face risks such as project delays, cost overruns, and equipment debugging failures. But after the project is completed, as long as it operates stably, has a long-term power purchase agreement, and stable cash flow, it becomes a relatively mature infrastructure asset. At this point, financing can be rescheduled. New loan terms, interest rates, and financing structures often have advantages over construction financing. DEWA stated that this $2.7 billion refinancing can optimize project financing costs and financial structure, and bring significant savings throughout the entire operational cycle.Editor/Gao Xue