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Thu 1 Jul 2010 02:33 PM

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Dubai DEWA to tender private power plant in '11

DEWA to tender for its first privately operated power and water plant in Q1 of 2011.

Dubai DEWA to tender private power plant in '11
DEWA PLAN: DEWA placed a $1bn bond in the debt market in April. (Getty Images)

Government utility the Dubai Electricity and Water Authority (DEWA) will tender for its first privately operated power and water plant in the first quarter of 2011, a local newspaper said on Thursday.

The newspaper cited DEWA's Chief Executive Saaed Mohammed al-Tayer. Tayer was unavailable for comment on Thursday.

The utility of the cash-strapped emirate said earlier this year it would opt for the private sector to build new plants to save costs, a policy change as existing plants are government operated and owned.

The IWPP model would be new for Dubai but not to the United Arab Emirates, to which Dubai belongs. Ruling emirate Abu Dhabi has several plants operating under the IWPP model.

DEWA placed a $1 billion bond in the debt market in April, the first bond from Dubai since its debt troubles emerged last year.

Gulf firms had struggled to tap the debt market after state-owned conglomerate Dubai World announced in November that it needed to delay repayment on $26 billion in debt. Dubai Wold has since agreed with its core creditor banks on a proposal to restructure $23.5 billion in debt. (Reuters)

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