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FINANCIAL NEWS
Dewa seeks to fund USD1.5b power plant
29 May 2011
(MENAFN) Dubai Electricity and Water Authority’s (DEWA) vice president of strategy and business development, Waleed Salman, said that next month, officials from the authority would visit Japan and Europe in order to finance a USD1.5 billion power and water desalination plant, reported The National.
Salman added that this week, the company picked possible bidders for the project that include some major commercial banks, adding that the company would justify a strategy shift announced last month to hire more private sector investment in power and water projects if it could convince investors to fund the project.
He also said that the emirate’s first venture using the model of privatization was a proposed 1,500 megawatt power station and desalination plant in Hassyan, near the Abu Dhabi border and plans for it have been delayed since 2008. He said that in March, Dewa revived those plans, when it asked companies to apply to bid for the project.
It is worth noting that by the end of this year, Dewa plans to award a contract to a consortium of some of the 18 pre qualified companies. The list includes a subsidiary of France’s GDFSuez, Japan’s Mitsui, Korea Electric Power Corporation and Abu Dhabi National Energy, Taqa.
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