Dubai’s utility firm DEWA has so far attracted AED40 billion of investments using the independent power and water producer (IPWP) model, which seeks to partner with the private sector on key power projects.
Saeed Mohammed Al Tayer, managing and CEO of Dubai Electricity and Water Authority (DEWA), revealed the figure during a keynote speech at the Dubai International Public Private Partnership Conference (DIPPP), organised by the Department of Finance in Dubai.
In his speech, Al Tayer talked about the importance of partnerships for the UAE, which last month, launched Projects of the 50 to enhance cooperation between the public and private sectors and provide more investment opportunities.
“The UAE’s wise leadership attaches great importance to achieving a balance between economic development and protecting the environment to achieve sustainable development, which renewable and clean energy is one of its main pillars. The public private partnerships (PPP) are critically important in meeting the challenge of sustainable development,” he said.
He added: “DEWA has attracted investments of around AED40 billion through this model, which enhances the partnership between the public and private sectors… We are exploring new and innovative financing mechanisms to encourage and enhance spending on sustainable infrastructure.
“Dubai’s growth is driven by three factors: a credible, resilient and excellent government; an active, fair and open private sector; and public and government-owned flagship companies that compete globally and move the economy locally,” Al Tayer (pictured below) said.
His comments come as the Dubai Clean Energy Strategy 2050 aims to provide 75 percent of Dubai’s total power capacity from clean energy sources by 2050. Initiatives include the Mohammed bin Rashid Al Maktoum Solar Park, which is the largest single-site solar park in the world with a planned capacity of 5,000 MW by 2030 using the independent power producer (IPP) model.
Al Tayer hailed the IPP model for helping DEWA achieve many world records in the lowest solar energy prices.
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