Dubai's DEWA says no fundraising plans in 2016 or 2017

Boss of state utility firm also says DEWA plans to repay $500m bond maturing in October
Dubai's DEWA says no fundraising plans in 2016 or 2017
DEWA managing director and CEO Saeed Mohammed al-Tayer
By Reuters
Mon 29 Aug 2016 02:41 PM

Dubai Electricity & Water Authority (DEWA) has no plans to raise new funds in 2016 or 2017, managing director and CEO Saeed Mohammed al-Tayer told Reuters on Monday.

He said the company plans to repay $500 million bond maturing in October.

Most of the utility's renewable projects are Independent Power Projects, funded by developers, said Tayer who added that DEWA has to fund part of the equity portion for the projects, which it can cover from its cash reserves.

Renewable projects include the Sheikh Mohammed bin Rashid al-Maktoum Solar Park, which is set to be the largest single-site solar park in the world, producing 5,000 megawatts (MW) by 2030.

DEWA is also working on the 1,200 MW Hassyan clean coal project, the first unit of which will be operational by March 2020.

Tayer said he sees no current slowdown in energy consumption demand in Dubai.

The emirate's energy consumption growth is estimated to be about 5 to 6 percent in 2016, similar to 2015, he said.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.