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DEWA has no fundraising plans in 2016 or 2017

H.E. Saeed Mohammed Al Tayer also said that there is no slowdown in the energy consumption demand in Dubai at present.

| | Sep 1, 2016 | 10:47 pm
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Dubai, UAE: According to a news report in Reuters Africa, H.E. Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), told the news agency that the utility has no plans to raise new funds in 2016 or 2017. Furthermore, he is said to have told the agency that the emirate’s energy consumption growth is estimated to be about five to six percent in 2016, just as in 2015.

The report said that DEWA plans to repay the USD 500 million, which will mature in October 2016. Al Tayer also told the news agency that most of the utility’s renewable energy projects are Independent Power Projects, funded by developers, and DEWA has to fund only “part of the equity portion for the projects, which it can cover from its cash reserves”. Al Tayer also told the agency that currently, there is no slowdown in the energy consumption demand in Dubai.

The report added that the Mohammed bin Rashid Al Maktoum Solar Park, which is expected produce 5,000 megawatts (MW) by 2030 and the 1,200 MW Hassyan clean coal project, the first unit of which is expected to operational by March 2020, are among the two projects currently underway.

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