Dubai Electricity & Water Authority (Dewa) has no plans to raise new funds in 2016 or 2017, Dewa managing director and chief executive Saeed Mohammed Al-Tayer told Reuters on Monday.

Most of the utility's renewable projects are independent power projects, funded by developers, explained Al-Tayer, adding that Dewa has to fund part of the equity portion for the projects, which it can cover from its cash reserves.

The company plans to repay $500 million bond maturing in October, he added.

Renewable projects include the Sheikh Mohammed bin Rashid al-Maktoum Solar Park, which is set to be the largest single-site solar park in the world, producing 5,000 megawatts (MW) by 2030.

Dewa is also working on the 1,200 MW Hassyan clean coal project, the first unit of which will be operational by March 2020.

Al-Tayer added that he does not see a slowdown in energy consumption demand in Dubai.

Dubai's energy consumption growth is estimated to be about 5 to 6 per cent in 2016, similar to 2015, he said. – Reuters