DEWA inks USD 200 million power project deal

Trade Arabia reported that Dubai Electricity & Water Authority has signed up two major banks to provide bidders a debt facility for up to USD 200 million in connection with its first Independent Power Project Program.

The Dubai utility said that its relationship banks, Emirates NBD and HSBC will be supporting the Hassyan 1 IPP project which will have a capacity of 1600 MW.

DEWA said that it plans to build a large power and desalination complex at Hassyan with a capacity of up to 9,000 MW of power and 720 million g per d desalination, in response to increases in population and continued expansion of projects undertaken in the UAE.

The company said that the Hassyan Power generation complex will be JV 51% owned by Dewa and the rest by the winning bidder which will have the 49% stake. The complex will include up to six plants, of which the Hassyan 1 IPP is the first and will be located next to Dubai World Central.