Dubai Electricity and Water Authority announced a US$2.70 billion refinancing for Noor Energy 1, the 950-megawatt fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park. WAM reported on September 27 that the transaction was completed ahead of its target date and is intended to lower financing costs and strengthen the project's long-term financial structure. The plant combines 700 MW of concentrated solar power with 250 MW of photovoltaics and can store thermal energy for up to 15 hours. Official project information describes it as the world's largest single-site CSP plant, capable of supplying more than 320,000 Dubai homes and avoiding 1.6 million tonnes of carbon-dioxide emissions annually.
CorrectionsIndustry, energy & infrastructure
Noor Energy 1 completes US$2.70 billion refinancing in Dubai
The 950 MW solar project combines concentrated solar power and photovoltaics with up to 15 hours of thermal storage.
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