ACWA Power-led consortium raises over $2b for Dubai solar plant

This will finance the construction of the world’s largest single-site concentrated solar power plant.

Reuters reports that an ACWA Power-led consortium is expected to conclude the financing of a 950MW concentrated solar power project in Dubai worth $2.2b.

The loan, backed by mostly international banks, will finance the development of Noor Energy, a $4.3b project that could be the world’s largest single-site concentrated solar power plant.

Noor Energy 1, jointly owned by ACWA Power, China’s Silk Road Fund, and the Dubai Electricity and Water Authority (DEWA), is the fourth phase of Mohammed bin Rashid Solar Park in Dubai, a project that aims to reach a capacity of 5,000MW by 2030.

ACWA declined to comment and DEWA did not respond to requests for immediate comment.

Project financing will be provided by banks including Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, as well as Standard Chartered, Natixis, and Union National Bank.

Read the full report here.