Saudi Arabia-based ACWA Power, a power generation and desalinated water production plants owner and operator, and Dubai Electricity and Water Authority (DEWA), an infrastructure company, have closed the funding of a 950 megawatt concentrated solar power project in Dubai.

The financing of the solar power project, called Noor Energy 1, is estimated to be over $2 billion.

The project was unveiled in a collaboration between DEWA, ACWA Power and China’s Silk Road Fund. 

The solar park is expected to produce 5,000 megawatts by 2030.