The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer and cited by Bloomberg.
Last week, DEWA closed a deal for an 815 megawatt gas turbine project with German conglomerate Siemens and its Egyptian partner Elsewedy Electric.
The firm is also constructing the world’s biggest solar energy park as it looks to scale back its reliance on natural gas as its main source of energy for electricity. Al Tayer claimed “Our strategy is 75% by 2050 will be renewable,” he said. “By 2020 we will achieve more than our target. Our target is 7% but I think we will achieve 8 to 9%.”
DEWA is also building the region’s first hydroelectric pumped storage plant in the Hatta area with a capacity of 250 megawatts.