Government-run utility requests bids to build first power plant with private investment

26/05/2011 - Dubai Investment News Posted by Bob Brunskill
Government-run utility requests bids to build first power plant with private investment

Government-run utility Dubai Electricity & Water Authority has requested bids from overseas companies to build the emirate's first power plant with private investment, it has been confirmed.HSBC Holdings, which is advising the bidders, revealed that the power station and water-desalination facility would begin operations in 2015 at Hassyan on Dubai's border with Abu Dhabi, Arabianbusiness.com has reported."The request for proposals has just been released a couple of days ago, and we should see bids in by October," commented Jonathan Robinson, HSBC's Middle East head of project finance."The project will be approximately $1.5 billion."By encouraging investment and diversifying sources of electricity to include clean coal, solar and nuclear power, Dubai hopes to ensure its long-term energy supply.The UAE is, of course, the fourth-largest crude producer in the Organization of the Petroleum Exporting Countries. However, Dubai produces less than four per cent of the country's oil and has, therefore, sought to stimulate its economy through other means, such as large construction projects and the acquisition of landmark assets like .