According to Dubai Electricity and Water Authority (DEWA) CEO and Managing Director Saeed Mohammed Al Tayer, the utility giant will invest AED40 billion ($10.8 billion) in electricity and water projects during the following five years to meet continued growth.

The expansion of renewable and clean energy projects is going to be part of the capital expenditure.

AED16 billion will be invested in continuing to expand electricity and water transmission and distribution networks, while AED12 billion will be invested in accomplishing the Mohammed bin Rashid Al Maktoum Solar Park, Hassyan Power Complex, and Independent Water Producer (IWP) projects, along with other ongoing projects.

The utility firm also planned to invest AED3 billion in the Emirates Central Cooling Systems Corporation (Empower), which is 70% owned by the utility firm.

According to Al Tayer, DEWA has strategic partnerships with a wide range of international and local companies in order to implement renewable energy and water desalination projects that use the IPP model.

As per Al Tayer, DEWA will continue to invest in and expand its solar power capacity in order to meet increasing demands for electricity and water.