Noor Energy 1 – the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park project – has made history by becoming the first project in the GCC to receive Climate Bonds Initiative (CBI) certification for Renewable Energy Project Financing.
Dubai Electricity & Water Authority (DEWA), ACWA Power and the Silk Road Fund are collaborating to deliver the $4.4billion project.
The site is the largest of its kind in the world, and utilises a concentrated solar power (CSP) central tower, a CSP parabolic trough and solar photovoltaic panels based on the Independent Power Producer model.
CBI certification, which is recognised as a reputable mark of mobilising and facilitating climate change solutions, was granted to HE Saeed Mohammed Al Tayer, MD and CEO of the DEWA, in the presence of Mohammad Abunayyan, chairman of ACWA Power.
HE 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."
When fully operational Noor Energy 1 will provide clean energy for 320,000 residences and save 1.6m tonners of carbon emissions annually.