Dubai Electricity and Water Authority (Dewa) has attracted investments of around AED40 billion ($10.89 billion) using the Independent Power and Water Producer (IPWP) model, revealed Saeed Mohammed Al Tayer, MD and CEO of Dewa.
Dewa used the IPWP model in a number of its key power projects, a report said.
Al Tayer made these remarks during his keynote speech at the Dubai International Public Private Partnership Conference (DIPPP), organised by the Department of Finance in Dubai under the patronage of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
In his speech, in the presence of Abdulla Al Basti, Secretary-General of Dubai Executive Council, Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance in Dubai, and a number of officials from the government and private sectors, 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 promising 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. The Dubai Clean Energy Strategy 2050 aims to provide 75 percent of Dubai's total power capacity from clean energy sources by 2050. The strategy consists of five main pillars. The infrastructure pillar includes pioneering initiatives such as 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.
"Dewa has attracted investments of around AED 40 billion through this model, which enhances the partnership between the public and private sectors. In line with the UAE’s commitment to promote green financing, and as part of the third pillar of the Dubai Clean Energy Strategy 2050, the Dubai Green Fund was launched to provide innovative financing solutions to green projects. We are exploring new and innovative financing mechanisms to encourage and enhance spending on sustainable infrastructure," Al Tayer said.
He highlighted the pioneering IPWP model, which Dewa developed and adopted for public-private partnerships.
"In light of the ambitious vision and the comprehensive development of Dubai, which translates into major projects and promising opportunities, especially in energy, water, and the environment, cooperation and integration between the public and private sectors has become a foundation to achieve the Emirate’s ambitions and consolidate its position as an advanced model that provides a favourable climate and a highly supportive environment for investments for economic growth and sustainable development," Al Tayer concluded.