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Dubai’s utility giant to invest AED 40B in renewable energy

Dubai’s utility giant to invest AED 40B in renewable energy

Arab Finance: The Dubai Electricity and Water Authority (DEWA) is planning to invest AED 40 billion in the next five years into renewable and clean energy projects, the Emirates News Agency (WAM) reported on July 20th, citing DEWA’s CEO Saeed Mohammed Al Tayer.

DEWA will inject around AED 16 billion to boost and expand electricity and water transmission and distribution networks.

The major utility company will invest approximately AED 12 billion to complete works in projects executed in the Independent Power Producer (IPP) models, including the Mohammed bin Rashid Al Maktoum Solar Park and the Hassyan Power Complex.

The Emirates Central Cooling Systems Corporation (Empower), a subsidiary of DEWA, is also planning to invest around AED 3 billion to increase district cooling capacity and network.

"DEWA will continue to invest and enhance renewables’ generation capacity, through informed plans based on the latest tools for future foresight, in order to meet the increasing demand for electricity and water,” Al Tayer commented. 

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