Fin close achieved on 950-MW Noor 1 solar project in Dubai

Financial close has been reached on the 950-MW Noor Energy 1 solar project in Dubai, ACWA Power, one of the project partners, announced on Sunday.

The project is the fourth phase of the 5-GW Mohammed Bin Rashid Al Maktoum Solar Park that combines concentrated solar power (CSP) and photovoltaic (PV) technologies. Noor Energy 1, which will consist of a 100-MW central tower plant, three 200-MW facilities using parabolic trough technology and a 250-MW solar PV component, will be installed at a total cost of up to AED 15.78 billion (USD 4.3bn/EUR 3.8bn). The complex will also be coupled with molten salt storage capacity.

The consortium behind the scheme includes ACWA, Dubai Electricity and Water Authority (DEWA) and China’s Silk Road Fund, while the group of lenders includes the Agricultural Bank of China, Bank of China, China Everbright Bank, China Minsheng Bank, Commercial Bank of Dubai, Commercial Bank International, Industrial and Commercial Bank of China, Natixis, Standard Chartered Bank and Union National Bank. In addition, Bank of China, Commercial Bank of Dubai, Emirates NBD Bank, First Abu Dhabi Bank, Mashreq bank and Union National Bank have provided long-term loans.

ACWA Power is the lead developer of the project, whose CSP portion will supply power at USD 0.0732 (EUR 0.0647) per kWh. The PV park, in turn, will sell its output at just USD 0.024 per kWh.

The 5-GW Mohammed Bin Rashid Al Maktoum Solar Park will require a total investment of AED 50 billion. At present, 413 MW of its overall capacity is switched on, while the whole complex is planned to be fully operational by 2030.

(AED 1.0 = USD 0.272/EUR 0.241)

(USD 1.0 = EUR 0.885)

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