Dubai: Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority (DEWA), announced that the utility provider has raised 40 billion dirhams using a producer model independent of electricity and water (IPWP). He made the remarks during a speech at the Dubai International Conference on Public-Private Partnership.
A new Dubai Green Fund has been launched to provide innovative financing solutions for sustainable development projects. “We are exploring new, innovative financing mechanisms to encourage and improve spending on sustainable infrastructure,” said Al Tayer.
The independent power and water producer model, which DEWA has developed and adopted for public-private partnerships, is in line with efforts to consolidate sustainability as a key element of business strategy.
The main features of the model are:
- Adopt a successful partnership model on solid commercial foundations;
- Full alignment with international practices through references;
- Meet the specific requirements of the Emirate and the subject of the partnership;
- Adopt good governance of the model by creating the appropriate legislative framework and regulatory environment.
“When DEWA launched the first phase of the solar park (13 MW project), one of the main challenges was the high cost. We have developed a pioneering public-private partnership model for power and water production in Dubai (IPWP model), ”said Al Tayer.
The Dubai Clean Energy Strategy 2050 aims to deliver 75% of Dubai’s total electricity capacity from clean energy sources by 2050.
Following its success in independent power producer projects at the Mohammed bin Rashid Al Maktoum Solar Park, DEWA initiated a 120 million gallon seawater desalination project using reverse osmosis to desalinate water from sea using clean energy based on the Independent Water Producer (IWP) model. “DEWA has set a new world record for the lowest discounted water cost of $ 0.277 per cubic meter for this project,” said Al Tayer.