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Abu Dhabi [UAE], July 7 (ANI/WAM): Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), has emphasised that DEWA works in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai a global hub for the green economy.
Al Tayer highlighted that DEWA developed the Independent Power and Water Producer (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. DEWA's adoption of the Independent Producer model has contributed to attracting investments worth AED 43.6 billion over 10 years. The Independent Producer projects encourage partnerships 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 AED39.2 billion in total FDI capital during 2023, creating around 45,000 job opportunities. DEWA contributes to attracting foreign investments through its pioneering energy and water projects based on the Independent Power and Water Producer (IPWP) model. DEWA has adopted this model since 2014, replacing the Engineering, Procurement and Construction (EPC) model. 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 AED 50 billion. DEWA has inaugurated 5 phases of the solar park and is currently implementing the 1,800MW 6th phase, costing around AED 5.5 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's 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 AED 3.4 billion. (ANI/WAM)
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