The Dubai Electricity and Water Authority (DEWA) intends to spend Dhs 40 billion on major projects over the following five years. It involves funding the growth of clean and renewable energy initiatives.
Saeed Mohammed Al Tayer, MD and CEO said DEWA intends to invest about Dhs16bn to strengthen and expand electricity and water transmission and distribution networks, and about Dhs12bn to complete the independent power producer (IPP) projects in the Mohammed bin Rashid Al Maktoum Solar Park, the Hassyan Power Complex and the Independent Water Producer (IWP) projects at Hassyan.
It will also invest in completing other ongoing projects in infrastructure and smart systems.
The Emirates Central Cooling Systems Corporation (Empower), which is 70 per cent owned by DEWA, plans to spend around Dhs3bn mainly to expand district cooling capacity and network to meet demand growth for district cooling services.
Al Tayer said: “We are committed to the ‘Projects of the 50’, part of the wise leadership’s directives, to enhance cooperation between the public and private sectors and provide promising investment opportunities. We have strategic partnerships with various local and international companies to implement renewable energy and water desalination projects according to the IPP model.
Thanks to the IPP model, DEWA achieved many world records in the lowest solar energy prices (levelised cost of electricity), making Dubai a global benchmark for solar power prices.”
He added: “DEWA will continue to invest and enhance renewables’ generation capacity, through informed plans based on the latest tools for future foresight, in order to meet the increasing demand for electricity and water.”
In recent news, DEWA announced that energy demand in Dubai during the first half of 2022 increased by 6.3 per cent compared to the same period in 2021.
DEWA also recently raised $6.1bn in the biggest initial public offering in Europe and the Middle East in more than two years.
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