Latest / DEWA Podcasts / Noor Energy 1 Announces Successful Refinancing of the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park at USD 2.70 Billion

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Noor Energy 1 Announces Successful Refinancing of the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park at USD 2.70 Billion · DEWA Podcasts

• 0:00
  We are examining the announcement made by His
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  Excellency Saeed Mohammed Al -Tair, Managing
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  Director and Chief Executive Officer of Dubai
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  Electricity and Water Authority. His Excellency
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  Saeed Mohammed Al -Tair, Managing Director and
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  Chief Executive Officer of Dubai Electricity
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  and Water Authority, has confirmed the successful
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  refinancing of the Noor Energy One project at
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  US $2 .70 billion. achieved well ahead of the
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  target date. The announcement was delivered at
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  Al -Sharaa Building, the headquarters of the
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  Dubai Electricity and Water Authority, in the
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  presence of representatives of the lenders, the
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  sponsors, the partners and the Noor Energy One
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  refinancing team. A consortium led by the Dubai
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  Electricity and Water Authority and ACWA formed
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  a project company, Noor Energy One, to design...
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  build and operate the fourth phase of the Mohammed
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  bin Rashid Al Maktoum Solar Park. His Excellency
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  Saeed Mohammed Al -Tayr, Managing Director and
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  Chief Executive Officer of Dubai Electricity
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  and Water Authority, said, I am honoured to announce
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  the successful refinancing of NOOR Energy One,
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  the 950MW hybrid CSP plus PT and PV project,
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  for US $2 .70B. achieved well ahead of schedule.
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  He added, It is a first -of -its -kind project
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  in the region and a cornerstone of the Dubai
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  Clean Energy Strategy 2050. His Excellency Saeed
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  Mohammed Al -Tayr, Managing Director and Chief
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  Executive Officer of Dubai Electricity and Water
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  Authority, explained that the US $2 .70 billion
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  refinancing carries three messages. A reaffirmation
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  of confidence in the United Arab Emirates, in
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  Dubai, and in the Dubai Electricity and Water
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  Authority, a reaffirmation of Dubai as the most
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  trusted destination for long -term sustainable
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  investment, and the strength of a model built
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  on transparency, delivery, and trust. The refinancing
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  enabled the optimization of financing costs and
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  the enhancement of the financial structure, generating
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  substantial savings over the operational life
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  of the project. His Excellency, Saeed Mohammed
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  Al -Tayr. Managing Director and Chief Executive
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  Officer of Dubai Electricity and Water Authority
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  concluded that this achievement ensures Noor
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  Energy One will continue to deliver clean energy
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  efficiently and sustainably on a win -win basis
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  for all, for the people, the partners and the
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  planet.