The Dubai Electricity and Water Authority (DEWA) will invest 40 billion dirhams ($10.8 billion) in electricity and water projects in the next five years to meet growing demand, according to the utility’s CEO and Managing Director Saeed Mohammed Al Tayer.
The capital expenditure will include the expansion of renewable and clean energy projects.
Around 16 billion dirhams will be allocated towards the expansion of electricity and water transmission and distribution networks, according to the company’s statement.
Meanwhile, 12 billion dirhams will be invested to complete the independent power producer projects (IPP) in the Mohammed bin Rashid Al Maktoum Solar Park, the Hassyan Power Complex, and the Independent Water Producer (IWP) and other ongoing projects.
The Emirates Central Cooling Systems Corporation (Empower), which is 70 percent owned by the utility firm, also has plans to invest 3 billion dirhams to expand the district cooling capacity and network.
“DEWA continues its investments to enhance clean energy production capacity through well-thought-out plans based on the latest future-forwarding tools to meet the increasing demand for electricity and water,” Al Tayer added.
He also stated that the authority’s current projects with the private sector under the independent product system exceed 4,000 megawatts, with investments totaling more than 40 billion dirhams.
According to Al Tayer, the authority anticipates profits of up to 7.3 billion dirhams in 2022.