Noor Energy 1: The 950 Megawatt Dubai Solar Project Sees Financial Closure

In Clean News, News, Renewable Energy, Solar

Dubai Electricity and Water Authority (DEWA) and Saudi Arabia’s ACWA Power announced the financial closing of the 950 megawatt concentrated solar power project in Dubai.

The project called Noor Energy 1 consists of both concentrated solar power (CSP) and photovoltaic (PV) plants. The project encompasses the world’s tallest 260-meter-high solar tower that will generate 100 MW, three 200 MW parabolic trough CSP stations, and photovoltaic plant of 250 MW capacity.

Noor Energy 1 will be equipped with energy storage capacity for 15 hours and will be capable of delivering power 24 hours a day.

The consortium was awarded the concentrated solar thermal phase of the project at a record tariff of 7.3¢/kWh while the subsequent award of the 250 megawatt solar PV capacity was made at 2.4¢/kWh.

The project will be fully operational by 2020. It will contribute to the Dubai’s ambitious clean energy strategy which aims to achieve 75% of the Dubai’s power generation from renewable energy sources by 2050.

With investments totaling AED 50 billion (US$13.6 billion), it will be the largest single-site solar park in the world when commissioned.

Reference- Clean Technica, ACWA Power PR

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