Dewa refinances Noor Energy 1 for USD 2.7 bn as the world’s biggest CSP plant trades construction risk for cheaper money

Dubai Electricity and Water Authority (Dewa) refinanced Noor Energy 1 for USD 2.7 bn, replacing the construction-era debt on the world’s largest single-site concentrated solar power (CSP) plant, state news agency Wam reports. Dewa CEO Saeed Mohammed Al Tayer said the transaction closed well ahead of its target date and will cut financing costs over the 950 MW plant’s life. Dewa hasn’t disclosed the lenders, the interest rate, the tenor, or the value of the savings.

Why it matters: The new loan replaces the debt that built the plant. Noor Energy 1 borrowed in 2019, when it was still a construction site. It is now fully connected to Dubai’s grid, according to Dewa’s 2025 financial statements. Banks charge less to lend to a working plant than to a building site, which is the likeliest source of the savings Dewa is touting.

BACKGROUND- The plant sells its power to Dewa at a fixed 7.3 US cents per kWh under a 35-year power purchase agreement, a record low for CSP when the contract was awarded in 2017. Its 950 MW combines 700 MW of CSP with 250 MW of photovoltaic panels, and up to 15 hours of thermal storage lets it keep supplying power through the night. Dewa owns 51% of the project company, with the rest held by Saudi Arabia’s Acwa and China’s Silk Road Fund. Noor Energy 1 is the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is slated to reach 5 GW by 2030.