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Thu 4 Jul 2013 09:59 AM

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Dubai's DEWA could seek to raise new funds

State-owned utility plans to add 400 MW to its power generation capacity in emirate

Dubai's DEWA could seek to raise new funds

Dubai Electricity and Water Authority (DEWA) may seek new funding for a power plant expansion project, the state-owned utility’s CEO told Bloomberg.

Saeed Al Tayer said that DEWA plans to add two natural gas turbines to its M Station facility project, which may begin next year, although he did not specify how much would be required or when the finance raising would take place. The utility is planning to add 400 MW to its generation capacity.

Al Tayer added that DEWA is planning on hiring private firms to run a 100 MW solar power facility as part of its renewable energy strategy. It is also currently building a 13 MW solar plant which will be completed in October.

Energy demand in the emirate is rising by about 5 percent per annum and Dubai plans to source about 5 percent of its energy requirements from renewable by 2030.

DEWA’s capacity rose by more than 10 percent in 2012, with its total installed power capacity reaching 9,646 MW, compared to 8,721 MW in the prior year.

Its electricity transmission networks also grew to 1,932km in 2012 compared to 1,687km in 2011, an increase of 14.5 percent.

DEWA has also issued an Islamic bond, or sukuk, worth at least $500m in February 2013.

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