Saudi-based Acwa Power, a leader in power generation and water desalination plants, has announced plans to begin the first phase of Noor Energy 1 project, located in Dubai, with a total capacity of 217 MW.

In a filing to Saudi bourse Tadawul, Acwa Power said it had obtained the commercial operation certificate (COD) for the key project.

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 per cent owned by Dewa and 25 per cent by Acwa Power, while the Silk Road Fund has a 24 per cent 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 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 concentrated solar power (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, which aims to boost clean energy share in Dubai’s power mix to 25 per cent by 2030, saving 1.6 million tons of carbon dioxide in the process.

Noor Energy 1 is being developed as the fourth phase of Mohammed bin Rashid Al Maktoum (MBR) Solar Park. The 950 MW Phase Four is the largest investment project in the world that combines CSP and photovoltaic solar power with investments totalling AED15.78 billion based on the IPP model. Noor Energy 1 has also received the Climate Bonds Initiative certification for renewable energy project financing.