Dubai Electricity and Water Authority (Dewa) has won the 'Corporate Finance Deal of the Year' award from the Institute of Chartered Accountants in England and Wales (ICAEW) at the Middle East Accountancy and Finance Excellence Awards 2015. 

 

The annual award ceremony was held under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development. 

 

Dewa is the first government utility to win this award for its Solar IPP Project at the Sheikh Mohammed bin Rashid Al Maktoum Solar Park. 

 

The park is one of the largest renewable energy strategic projects in the world that is based on the Independent Power Producer (IPP) concept. The Mohammed bin Rashid Al Maktoum Solar Park will generate 5,000 MW by 2030.

 

Saeed Mohammed Al Tayer, managing director and chief executive officer, Dewa, dedicated this achievement to Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, explaining that this award reflects Dewa’s intensive efforts to enhance Dubai’s reputation as a global hub for trade, finance, tourism, green economy and sustainability. 

 

Dubai has become an attractive location for renewable, clean energy as well as a hub for energy efficiency. Al Tayer added that DEWA leads one of the most strategic projects in the world based on the IPP concept, he said.

 

“This award is the result of the tender for the second phase of the Mohammed bin Rashid Al Maktoum Solar Park reducing the cost of solar power by over 20 per cent. This project will be debt-financed over 25 years, and will be operational in 2017," Al Tayer added. - TradeArabia News Service