Dewa refinances fourth phase of Dubai solar park

Dubai Electricity and Water Authority (Dewa) has refinanced a phase of the AED16 billion ($4.3 billion) Mohammed bin Rashid Al Maktoum Solar Park.

The 950 megawatts (MW) Noor Energy 1 – the fourth phase of the concentrated solar power (CSP) project – was refinanced for $2.7 billion through a mix of international and regional financial institutions, the UAE state-run Wam news agency reported, citing a statement by the Dubai-listed utility provider.

The financial institutions and refinancing terms were not disclosed.

The refinancing for Noor Energy 1, the world’s largest single-site CSP, was completed well ahead of the target date, said CEO Saeed Mohammed Al Tayer.

A consortium of Dewa, Saudi Arabia’s Acwa Power and China’s Silk Road Fund established Noor Energy 1 to design, build and operate the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which will have a capacity of 5 gigawatts (GW) by 2030.

The fourth phase uses three hybrid technologies to produce clean energy: 600MW from a parabolic basin complex (three units of 200MW each), 100MW from the world’s tallest solar power tower at over 262 metres (based on molten salt technology) and 250MW from photovoltaic solar panels.

Installed capacity at Mohammed bin Rashid Al Maktoum Solar Park was 3.8GW as of June 30, 2026.

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By the end of 2030, the company plans to have total installed power generation capacity exceeding 23GW, with more than 8GW coming from renewables.

Dewa reported a 15 percent year-on-year increase in net profit to AED3.3 billion in the first half of 2026, as revenue rose nearly 2 percent to AED15 billion.

Dewa’s share price closed at AED2.70 on Friday, down more than 2 percent in the year to date.

The state-owned Dubai Investment Fund owns 82 percent of the utility provider.