The Dubai Clean Energy Strategy 2050 requires 42GW of installed clean and renewable energy capacity
Dubai Electricity & Water Authority (DEWA) is planning to invest AED86bn ($23.4bn) in the UAE’s energy sector over the next five years.
The public service infrastructure company said it has attracted AED40bn ($10.8 bn) investments from the Independent Power Producer (IPP) model.
Under the UAE Energy Strategy 2050, the country aims to achieve an energy mix comprising renewable and clean energy sources to balance economic requirements and environmental goals.
Dubai Electricity and Water Authority managing director and CEO Saeed Mohammed Al Tayer said: “The Eight Principles of Governance in Dubai show that Dubai’s growth is driven by three factors: a credible, resilient and excellent government; an active, fair and open private sector; and public and government-owned flagship companies that compete globally and move the economy locally.
“We have attracted investments estimated at AED40 billion through this model, which strengthens the partnership between the public and private sectors.
“Through this model, Dewa has achieved world records in obtaining the lowest prices for solar energy projects five times in a row.”
UAE to invest $163.3bn to meet growing energy demand
As part of the plan, UAE plans to invest Dh600bn ($163.3bn) until 2050 to meet the energy demand while ensuring sustainable economic growth.
By 2050, Dubai aims to increase the share of clean energy in Dubai’s total power output to 75%.
The Dubai Clean Energy Strategy 2050 requires 42GW of clean and renewable energy capacity by 2050.
This strategy comprises five main pillars, including legislation, funding, building capacities and skills, and having an environment-friendly energy mix, DEWA said.
The Mohammad bin Rashid Al Maktoum Solar Park, which is expected to have a capacity of 5GW by 2030, is one of the initiative under the infrastructure pillar.
In March, DEWA signed a 25-year power purchase agreement (PPA) with ACWA Power for the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park.