DUBAI, UAE: Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), announced that DEWA has plans to invest AED 40 billion on capital expenditure in the next five years including the expansion of renewable and clean energy projects.
He noted that DEWA plans to invest about AED 16 billion to strengthen and expand electricity and water transmission and distribution networks, about AED 12 billion 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, in addition to completing other ongoing DEWA projects in infrastructure and smart systems.
The Emirates Central Cooling Systems Corporation (Empower), which is 70% owned by DEWA, plans to spend around AED 3 billion mainly to expand district cooling capacity and network to meet demand growth for district cooling services.
“We are working in line with the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide an advanced infrastructure that meets the requirements of sustainable development. 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,” said Al Tayer.
“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. We provide our services in accordance with the highest levels of quality, availability, reliability and efficiency and will keep pace with the rapid growth of Dubai across all areas. Our plans will consolidate Dubai’s position as an advanced model that provides a favourable and supportive environment for investments,” added Al Tayer.