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Dubai Electricity and Water Authority (DEWA) has announced that two key banks, Emirates NBD and HSBC, have pledged support for the DEWA Independent Power Project Programme (IPP)
The banks have offered to provide bidders with a stapled commercial debt facility for up to $200m in connection with the first IPP – Dubai’s Hassyan 1 power project, which will have a capacity of 1,600 megawatts and be 51 per cent owned by DEWA and 49 per cent owned by the winning bidding consortium.
The IPP is planned to be the first in a series of six planned IPPs in the Emirate, with DEWA planning a full power and desalination complex at Hassyan with a capacity of 9,000 megawatts of power and 720 million gallons of desalination per day.