Dewa to spend $11bn to expand its renewable energy capacity over next five years – The National

Dewa to spend $11bn to expand its renewable energy capacity over next five years – The National

The Dubai Electricity and Water Authority will be investing Dh40 billion ($11bn) in capital expenditure over the next five years to power its renewable energy portfolio, it said on Wednesday, confirming media reports.

The utility, which started trading on the Dubai Financial Market on April 12, was addressing a report published by Bloomberg on Tuesday quoting its managing director and chief executive Saeed Al Tayer. The news was also reported by Al Bayan newspaper.

Dewa will earmark Dh16bn ($4.35bn) to boost its water and electricity network, Dh12bn on existing independent power production projects and Dh3bn on district cooling services, it said in a statement to the bourse on Wednesday.