State utility provider Dubai Electricity & Water Authority (Dewa) has completed the repayment of its last outstanding bond of $1.5bn.
Dewa announced that the Global Medium Term Note (GMTN) bond, issued in 2010, matured and has been fully repaid. The bond repayment now means that Dewa has achieved a debt-free position.
Dewa revealed that its generation, transmission and distribution infrastructure assets are now worth more than AED175bn ($47.7bn).
“New projects worth over AED 80 billion are either ongoing or envisaged for completion, in the next 5 years,” Saeed Mohammed al-Tayer, MD & CEO of Dewa, was quoted in a press release about the bond repayment. “Dewa is not necessarily counting on new borrowings for that, rather we will use internal resources and leverage public private partnerships,” added Al-Tayer.
In August, Energy & Utilities reported that Dewa had recorded a 6.6 per cent increase in peak power demand for the year to date, the highest recorded increase since 2012.
The peak demand for electricity in the year-to-August reached 9,074MW, compared to 8,516MW for the same period in 2019.
