The fourth phase of the Mohammed bin Rashid Al Maktoum, MBR, Solar Park, Noor Energy 1, has become the first project in the GCC region to receive the “Climate Bonds Initiative”, CBI, certification for Renewable Energy Project Financing, supporting efforts towards meeting the Dubai Clean Energy Strategy 2050.
The flagship project is a collaboration between the Dubai Electricity and Water Authority, DEWA; ACWA Power, a leading Saudi developer, owner, and operator of power generation and water desalination plants; and the Silk Road Fund.
Noor Energy 1 is the largest single-site Concentrated Solar Power, CSP, and a single hybrid solar power project in the world with three different solar energy technologies in deployment. The technologies include building a CSP central tower, a CSP parabolic trough and solar photovoltaic panels based on the Independent Power Producer model.
CBI is a reputed international non-profit organisation solely working towards mobilising and facilitating climate change solutions through the US$100 trillion bond market and “green loan” issuances.
The certification was granted to Saeed Mohammed Al Tayer, MD & CEO of the DEWA, in the presence of Mohammad Abunayyan, Chairman of ACWA Power.
Saeed Mohammed Al Tayer said, “The CBI certification reflects the hard work and incredible progress that Noor Energy 1 has achieved over the years. It bolsters our constant pursuit in deploying the highest international standards and using the latest solar power technologies to transform Dubai into a hub of clean energy and a leading driver of the low carbon economy. Our overarching achievements will remain in a constant journey of growth to support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to enhance the shift towards a green economy by increasing our reliance on clean and renewable energy sources.”
Commenting on ACWA Power and the DEWA’s success, Mohammad Abunayyan, Chairman of ACWA Power, said, “The CBI accreditation corroborates the potential of Noor Energy 1 and ACWA Power in transforming the green financing landscape and driving down the cost of capital for climate projects in developed and emerging markets. We are pleased to maintain our reputation as a partner of choice, delivering projects that contribute to the growth and development of vibrant economies such as Dubai..”
With 20 percent progress already achieved by Noor Energy 1, the flagship project is set to generate an output capacity of 950 megawatts, with an investment of AED15.78 billion. Noor Energy 1 was also successful in breaking several world records and this phase will provide clean energy for 320,000 residences and will reduce 1.6 million tonnes of carbon emissions annually.