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DEWA & JPMorgan Chase, Looking For Ways To Cooperate In Sustainable Financing | |
| Sumita Pawar |
The Dubai Electricity and Water Authority (DEWA) and US bank JPMorgan Chase are looking at ways to cooperate in financing green and sustainable initiatives, according to the report.
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The partnership was discussed during a meeting in Dubai between DEWA’s CEO Saeed Mohammed Al Tayer and a high-level delegation from JPMorgan, according to a disclosure on Monday on the Dubai Financial Market (DFM).
The meeting also took up JPMorgan’s participation in DEWA’s renewable and clean energy projects, the utility firm said, without divulging further details.
According to the report, DEWA has some projects in the sustainability, renewable and clean energy space that are in line with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 that aim to provide 100% of Dubai’s total power production capacity from clean energy sources by 2050.
To support Dubai’s green energy transition ambitions, DEWA is implementing the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the independent power producer (IPP) model.
Once completed in 2030, the AED 50 billion ($13.6 billion) solar facility will have a production capacity of 5,000 megawatts. The first phase of the project, set to be fully commissioned this year, is expected to meet the requirements of 270,000 homes, added the report.
DEWA intends to have 25% of its generation capacity from clean and renewable sources by 2030.