Dubai invites bids for $27bn clean energy fund
Dubai’s Electricity and Water Authority (Dewa) has started inviting consulting firms to tender for advisory and regulatory development services for its planned $27bn green fund
Dubai’s Electricity and Water Authority (Dewa) has started inviting consulting firms to tender for advisory and regulatory development services for its planned $27bn green fund.
The fund, which will provide financial tools for clean energy investors, was launched by UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum in November to provide low-cost loans to investors in Dubai’s clean energy sector.
It is part of a wider green energy investment programme aimed at establishing the Emirate as a global hub for the green economy.
Offers for the tender will be accepted until the end of February, the official news agency WAM reported, citing Dewa. It gave no further details.
The high irradiance levels in the Middle East make the region attractive for utility scale and rooftop solar investments that are already taking root in most Gulf countries.
The Emirate of Dubai alone plans to produce 75% of its total power output from clean sources by 2050 and boast the smallest carbon footprint for a city in the world. Energy sources will include natural gas, solar, clean coal and nuclear.
Dubai currently uses large amounts of energy to cool buildings and public spaces and to provide water through energy-intensive desalination plants.
Total installed capacity at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai is expected to rise from 3,000MW to 5,000MW as the Emirate aims to equip every roof with solar panels by 2030.