UAE - Mubasher: The Dubai Electricity and Water Authority (DEWA) will invest around AED 86 billion in the energy sector over the next five years, according to a press release on Sunday.
Dubai has adopted the Independent Power Producer (IPP) model, which boosts the partnership between the public and private sectors, in developing solar energy projects of the Mohammed bin Rashid Al Maktoum Solar Park.
From this model, DEWA has attracted investments of about AED 40 billion and received the lowest global solar energy prices for five consecutive times, making Dubai a global benchmark for solar energy prices.
The adoption of the IPP model is in line with the UAE Energy Strategy 2050, which aims to raise the contribution of clean energy to the total energy mix.
Until 2050, the UAE will invest AED 600 billion to meet the growing energy demands and achieve sustainable economic growth.
Moreover, Dubai seeks to provide 75% of its power capacity from clean energy by 2050 as part of its Clean Energy Strategy 2050.
