Dewa woos projects worth Dh43.6b through IPWP model over 10 years

Dubai attracted more than Dh39.2 billion in FDI capital during 2023, creating around 45,000 job opportunities

By Staff report

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Published: Sun 7 Jul 2024, 9:39 PM

Dubai Electricity and Water Authority (Dewa) has atttracted projects worth Dh43.6 billion through Independent Power and Water Producer ( IPWP) model over 10 years, reveals Saeed Mohammed Al Tayer, MD & CEO of Dewa.

Al Tayer said that Dewa developed the IPWP model by utilising the best international experiences and practices. This model has been designed to align with the requirements of Dubai and its legislative and technical environment.

The Independent Producer projects encourage partnership between the government and private sectors. Through this model, Dewa has achieved the lowest Levelised Cost Of Energy (LCOE) in the world in solar energy projects, making Dubai a global benchmark for solar energy prices.

"The regulatory and legislative frameworks in Dubai, which allow the private sector to participate in energy generation projects, encourage international investors and developers to participate in the Mohammed Bin Rashid Al Maktoum Solar Park's projects, which Dewa is implementing using the IPP model. Our IPWP projects support the Dubai Economic Agenda D33, which aims to double the size of Dubai's economy over 10 years and consolidate its position among the top three global cities. They also align with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 per cent of the energy production capacity from clean energy sources by 2050," Al Tayer said.

Dubai provides an ideal business environment for investors. According to the Financial Times Ltd's "fDi Markets" data, Dubai has maintained its position as the world's leading hub for foreign direct investment (FDI) for the third consecutive year. Dubai attracted over Dh39.2 billion in total FDI capital during 2023, creating around 45,000 job opportunities.

Among Dewa's key IPP projects is the Mohammed Bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, with a planned production capacity of over 5,000MW by 2030 and a total investment of Dh50 billion.

Dewa has inaugurated 5 phases of the solar park and is currently implementing the 1,800MW 6th phase, costing around Dh5.5 billion. Several global consortiums took part in implementing these phases, led by major companies such as Saudi Arabia's ACWA Power and Abu Dhabi Future Energy Company (Masdar), among others.

Dewa'ss other energy projects based on the IPP model include the Hassyan Power Complex, which runs on natural gas. The 2,400MW power complex is one of the largest power stations in the region, using the latest international technologies in energy production.

Dewa is also implementing a 180 million imperial gallons per day (MIGD) seawater reverse osmosis (RO) desalination project in Hassyan using the Independent Water Producer model. It is the world's largest project of its kind using RO technology based on the Independent Water Producer (IWP) model, with an investment of Dh3.4 billion. (With inputs form Wam)

More news from World