Dewa to spend $11 billion on Renewable resource in Dubai

Apr 28, 2022 02:19 PM ET
  • The Dubai Electricity as well as Water Authority (Dewa) introduced that it will be investing $11 billion as capital expenditure over the next 5 years.
  • Under the Dubai Clean Energy Strategy, Dubai targets to obtain 75% of its energy requirements only from clean energy sources by 2030.

The Dubai Electricity and Water Authority (Dewa) has revealed that it will certainly be investing $11 billion or Dh40 billion as capital expenditure over a period of next five years from currently to enhance the utility's renewable energy portfolio.

Dewa has released a main declaration that validates the media reports concerning the expected RE financial investments by the authority. The declaration claimed, "We are writing to confirm the information published on 26 April 2022 that Dewa shall invest Dh40 billion in capital expenditure over the next 5 years with a concentrate on raising renewable resource generation capacity."

Under the Dubai Clean Energy Strategy, Dubai targets to obtain 75% of its energy requirements only from the clean energy resources by the middle of this century as well as making the city a centre of clean as well as green economic situation on the globe.

The main Dewa declaration additionally exposes that Dewa is mosting likely to allocate Dh16 billion to reinforce the water and also electricity network in Dubai. The utility will certainly also spend Dh12 billion on existing independent power manufacturing projects. After that Dh3bn will certainly be reserved for district cooling services. The declaration said that the remaining funds will certainly be utilized to match existing projects. Smart systems and infrastructure will certainly be first focused upon.

Dewa has actually started trading on the Dubai Financial Market on April 12, this year only. The listing of Dewa on the market was the largest since the listing of Saudi Arabia significant Aramco in 2019 in the entire Middle East and also Europe. On the really first day Dewa elevated greater than Dh 22 billion from its going public as a result of solid capitalist demand that included many global funds. The shares costs climbed by around 23% while trading on Dubai Financial Market.

Taking Care Of Director as well as Chief Executive Officer of Dewa, Saeed Al Tayer had actually said last week that soon an IPO of Emirates Central Cooling System Corporation will certainly be out. The corporation is a district cooling supplier.

Dewa has additionally said lately that the utility's EV Green Charger campaign has actually already imparted over of 8,800 MWh to the electric vehicles running in Dubai. As per Dewa, it has actually made it possible for electric vehicles to run greater than 58 million km in the past 7 years. The initiative has actually conserved three quarters of the refuelling prices of the EV proprietors.

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