Dubai: Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), announced the utility provider has pulled in Dh40 billion using an Independent Power and Water Producer (IPWP) model. He made these remarks during a speech at the Dubai International Public Private Partnership Conference.
A new Dubai Green Fund was launched to provide innovative financing solutions for sustainability projects. “We are exploring new and innovative financing mechanisms to encourage and enhance spending on sustainable infrastructure,” said Al Tayer.
The Independent Power and Water Producer model, which DEWA developed and adopted for public-private partnerships, is in line with efforts to consolidate sustainability as a key component of business strategy.
The model’s key features are:
- Adopting a successful partnership model on sound commercial foundations;
- Full alignment with international practices through benchmarks;
- Catering to special requirements of the Emirate and the partnership subject;
- Adopting good governance of the model by creating the appropriate legislative framework and regulatory environment.
“When DEWA started the first phase of the solar park (13 MW project), one of the main challenges was the high cost. We developed a pioneering model of public-private partnership for electricity and water production in Dubai (IPWP model),” said Al Tayer.
After its success in the independent power producer projects in the Mohammed bin Rashid Al Maktoum Solar Park, DEWA launched a 120 million gallons seawater desalination project using reverse osmosis to desalinate seawater using clean energy based on the Independent Water Producer model (IWP). “DEWA achieved a new world’s breaking record for the lowest water levelised cost of $0.277 per cubic metre for this project,” said Al Tayer.