Dubai will look to private investment to fund 80 per cent of its green projects to meet the emirate’s clean energy targets, the head of Dewa said on Wednesday.
The emirate has set a target to ultimately derive 75 per cent of its electricity from clean energy sources by 2050, but to achieve this Dubai hinted in January that it was looking for more private-sector participation.
Saeed Al Tayer, the managing director and chief executive of the Dubai Electricity and Water Authority, said that the independent power producer (IPP) model, which allows private companies to bid for projects, will provide 80 per cent of the funding for clean energy projects spanning from utility scale to green building initiatives.
Mr Al Tayer said that there was a need for low-cost funding for other plans such as retrofitting buildings and solar rooftops.
“We have a clear policy that protects the interest of the investor … but for other projects we can’t apply the IPP model,” he said, adding that this would be where the Dh1 billion Green Fund would come into play.
Other initiatives are taking off, including the Shams Dubai – the scheme that will have solar panels decorating rooftops throughout the emirate.
DP World announced yesterday that it would install 88,000 solar panels on its Dubai facilities in Jebel Ali Free Zone and Mina Rashid. The first of DP World’s three-phase initiative will come online next year, providing clean energy to 3,000 homes.
Sultan Ahmed bin Sulayem, DP World’s chairman and chief executive, said that the project could be extended to the company’s other locations.
lgraves@thenational.ae
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