Dubai Electricity and Water Authority (DEWA) has attracted over the past decade AED43.6 billion ($11.87 billion) in investments through its Independent Power and Water Producer (IPWP) model, according to a statement by the Dubai Media Office (DMO).
Dubai’s green economy vision
The IPWP projects are part of Dubai’s efforts to become a global hub for the green economy, in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. DEWA reports that the IPWP model has helped achieve the lowest Levelised Cost Of Energy (LCOE) in solar energy projects worldwide, positioning Dubai as a benchmark for solar energy prices.
DEWA’s role in renewable energy generation
Saeed Mohammed Al Tayer, managing director & CEO of DEWA, stated that the regulatory and legislative frameworks in Dubai allow the private sector to participate in energy generation projects, encouraging international investors and developers to take part in the Mohammed bin Rashid Al Maktoum Solar Park’s projects, which DEWA is implementing using the IPP model. Additionally, Al Tayer said the 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.
The projects also align with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of the energy production capacity from clean energy sources by 2050, Al Tayer added.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, has emphasised that DEWA works in line with the vision and directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai a global hub for the green economy. pic.twitter.com/V4uAFprcR2
— DEWA | Official Page (@DEWAOfficial) July 7, 2024
Key IPWP projects
Moreover, key projects under this model include the Mohammed bin Rashid Al Maktoum Solar Park, with a planned capacity of over 5,000MW by 2030 and a total investment of AED50 billion. Also, DEWA is currently implementing the 1,800MW 6th phase, costing approximately AED5.5 billion. Other projects include the 2,400MW Hassyan Power Complex and a 180 million imperial gallons per day seawater reverse osmosis desalination project in Hassyan, valued at AED3.4 billion.
Read more: UAE’s DEWA and Parkin join forces to expand Dubai’s EV charging network
Dubai’s FDI attraction
Furthermore, DEWA’s initiatives align with Dubai’s position as a leading hub for foreign direct investment. In 2023, Dubai attracted over AED39.2 billion in FDI capital, creating around 45,000 job opportunities. The IPWP model, adopted by DEWA since 2014, encourages partnership between government and private sectors, contributing to Dubai’s clean energy and net zero emissions strategies for 2050.
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