Dubai Electricity and Water announces solar plant financing

11/08/2015 - Dubai Investment News
Dubai Electricity and Water announces solar plant financing

Dubai Electricity and Water Authority (DEWA) has announced that it has arranged financing for a 200 megawatt solar plant that will form part of a massive solar park.

When the project is completed by the end of 2030, the photovoltaic installation will produce a huge 3,000 megawatts of electricity, which will provide a significant amount of the demand across the emirate. By the end of this venture, it's hoped that Dubai will be generating 15 per cent of electricity it uses through sustainable measures. 

This target is a new benchmark, with DEWA having increased what it is aiming for from the original five per cent by 2030 this past January. The government also envisions generating seven per cent of its electricity requirements by 2020. 

“DEWA will continue to execute these ground-breaking projects in renewable energy and contribute to the growing energy needs of Dubai,” chief executive officer Saeed Mohammed Al Tayer said in a statement. 

Dubai largely wants to move towards solar energy being a larger provider of electricity thanks to its desire to reduce reliance on natural gas. Dubai is leading the way in the Middle East thanks to its focus for the World Expo, which will see millions of visitors flock to the emirate.

In May this year, Dubai was chosen as the regional hub for promoting sustainable energy use in the Middle East and North Africa. Sustainability, which is also one of the overarching themes of World Expo 2020, is "the ethos that drives how we pursue future dreams of progress," according to Expo 2020 organisers.