Saudi-based Acwa Power has announced plans to begin operations of the first phase of the 217MW Noor Energy 1 project, which is taking shape in Dubai. In a filing to Saudi bourse Tadawul, Acwa Power said it had obtained the commercial operation certificate (COD) for the project.
According to a statement, Noor Energy 1 is the largest single-site concentrated solar power (CSP) and single hybrid solar power project in the world, with three different solar energy technologies being deployed. The technologies include building a CSP central tower, a CSP parabolic trough and solar photovoltaic panels based on the Independent Power Producer (IPP) model.
The project is in line with Dubai’s Clean Energy Strategy 2050, as it aims to boost clean energy share in Dubai to 25% by 2030, saving 1.6m tons of carbon dioxide in the process.
Dubai Electricity and Water Authority (DEWA) and Acwa Power formed a project company, Noor Energy 1, to design, build, and operate the plant. It is 51% owned by DEWA and 25% by Acwa Power, while the Silk Road Fund has a 24% stake. The financial impact with regard to the operation of the project is likely to be reflected in the Q1, 2022 financial results.
Noor Energy 1 is being developed as the fourth phase of Mohammed bin Rashid Al Maktoum (MBR) Solar Park, and has received the Climate Bonds Initiative certification for renewable energy project financing.
