Dewa refinancing has secured $2.7 billion for the fourth phase of Dubai’s major solar park. Dubai Electricity and Water Authority completed the financing package ahead of schedule. The deal covers Noor Energy 1, which forms the fourth phase of the project. The facility has a generation capacity of 950 megawatts. Regional and international financial institutions participated in the refinancing. However, Dewa did not disclose the participating institutions or financing terms.
The broader Mohammed bin Rashid Al Maktoum Solar Park carries a value of AED16 billion. That figure equals about $4.3 billion. The project supports Dubai’s long-term clean energy strategy. Meanwhile, the refinancing highlights continued financial interest in renewable energy infrastructure. Dewa chief executive Saeed Mohammed Al Tayer welcomed the early completion. He said the deal reflects financial institutions’ confidence in Dubai and Dewa.
Noor Energy 1 combines several solar technologies within the same development. The project includes 600MW from a parabolic basin complex. It also features a 100MW solar power tower. The tower rises more than 262 metres above the site. Furthermore, the project includes 250MW from photovoltaic solar panels.
Dewa, Saudi utility Acwa Power, and China’s Silk Road Fund formed the project consortium. The partners oversee the design, construction, and operation of the fourth phase. Meanwhile, the wider solar park continues to expand its generation capacity. Its installed capacity reached 3.8GW by June 30, 2026. Dubai aims to raise the entire park’s capacity to 5GW by 2030.
The wider renewable energy program also supports Dubai’s broader power generation plans. Dewa expects total generation capacity to exceed 23GW by 2030. More than 8GW should come from renewable energy sources. Therefore, solar power will remain important to Dubai’s future energy mix.
The solar park also supports efforts to increase clean electricity production across the emirate. In addition, the project provides infrastructure for growing electricity demand. The latest financing package gives the fourth phase a new financial structure. As a result, Dewa can continue managing the project under updated financing arrangements.
Dewa also continues to report growth across its operations. The company recorded AED3.3 billion in net profit during the first half of 2026. That result represented a 15 percent increase from the same period last year. Revenue also increased during the period. It reached AED15 billion, marking growth of almost 2 percent.
Meanwhile, Dewa remains one of Dubai’s major infrastructure providers. Its operations cover electricity and water services across the emirate. The company continues investing in major infrastructure projects. Renewable energy forms a growing part of that investment strategy.
The latest deal adds financial momentum to Dubai’s clean energy ambitions. The emirate continues developing large-scale solar infrastructure through its major solar park. Each phase adds additional generation capacity to the wider project. Consequently, the development remains central to Dubai’s renewable energy plans.
The fourth phase combines concentrated solar power with photovoltaic technology. This approach creates a diversified structure for renewable electricity generation. Furthermore, the project shows the scale of investment required for major energy infrastructure. The refinancing provides additional financial support for Noor Energy 1. Dewa refinancing therefore marks another financial milestone for Dubai’s expanding solar sector. The project will continue contributing to Dubai’s renewable energy capacity.
