Noor Energy 1 becomes first CBI certified renewable energy project in the GCC

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Noor Energy 1 becomes first CBI certified renewable energy project in the GCC

October 4, 2019 Anand Gupta

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CBI is an international non-profit focused on facilitating climate change solutions through the $100tn bond market

The fourth phase of the Mohammed bin Rashid Al Maktoum (MBR) Solar Park, Noor Energy 1, has become the first project in the GCC to receive the ‘Climate Bonds Initiative’ (CBI) certification for renewable energy project financing.

The certification was granted to Saeed Mohammed Al Tayer, MD & CEO of DEWA, in the presence of Mohammad Abunayyan, chairman of Acwa Power.

Noor Energy 1 is the largest single-site Concentrated Solar Power (CSP) and a single hybrid solar power project in the world. The project is a collaboration between Dubai Electricity and Water Authority (DEWA), Acwa Power, and the Silk Road Fund.

“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,” said Al Tayer.

According to a report by WAM, Noor Energy 1 is 20% complete. It is expected to produce 950MW of clean energy once it is fully complete.

Mohammad Abunayyan, chairman of ACWA Power added, “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.”