Dubai Electricity is debt-free after $1.5bn bond repayment

Dubai Electricity is debt-free after $1.5bn bond repayment

CEO says new projects worth over $22bn are ongoing or due to complete in the next five years

Dubai Electricity and Water Authority (DEWA) has become debt-free after the state-owned utility repaid a $1.5 billion bond this month.

“New projects worth over AED80 billion ($22bn) are either ongoing or envisaged for completion in the next five years,” chief executive officer Saeed Al Tayer said in a statement. “DEWA is not necessarily counting on new borrowings for that, rather we will use internal resources and leverage public private partnerships.”

Authority also testing 12 new 132/11 kV substations to be operational in Q2 2020

Other borrowings linked to the utility comprise unused credit-lines, according to data compiled by Bloomberg. Joint-venture companies building DEWA power plants in the Arabian Gulf emirate have taken on some project-level loans.

The