Etihad Esco has signed a Memorandum of Understanding (MoU) with Dubai Airport Free Zone Authority (DAFZA) to retrofit buildings and facilities with energy efficient technology.
The MoU was signed by Stephane le Gentil, CEO of Etihad ESCO and Adel Ghafan Al Basti, Executive Director of the Free Zone’s Technical Division.
Retrofitting of buildings is in response to a directive issued earlier this year by HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, to monitor electricity and water use in Dubai government buildings.
The MoU also supports the Dubai Plan 2021 and the Dubai Integrated Energy Strategy 2030, which seeks to reduce demand for energy by 30% by 2030.
“The main objective of Etihad ESCO is to create a standalone market for energy efficiency in the UAE and the region with a strategic plan to retrofit at least 30,000 existing buildings in Dubai,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.
“This will help further establish the Emirate as a leading example in financing energy efficiency projects regionally and globally.
“The MoU was signed to emphasise the important role of Etihad ESCO in helping government organisations reduce their energy and water consumption and will support our effort to implement the energy performance contracting model in the Emirate,” said Al Tayer.
“The Supreme Council of Energy has always played a vital role in supporting the Emirate’s growth strategies for the energy sector. The Council launched the Demand Side Management Strategy to manage 8 programmes for energy demand.”
The key elements of the strategy include green building regulations, retrofitting of existing buildings, district cooling, wastewater reuse, laws and standards to raise efficiency, and energy-efficient street lighting.
The costs for this strategic project are approximately AED 30bn ($8.16bn), with returns of AED 82bn and a net present profit of AED 52bn, added Al Tayer.