Dubai Electricity and Water Authority's (Dewa) adoption of the Independent Power and Water Producer (IPWP) model has contributed to attracting investments worth AED 43.6 billion ($11.87 billion) over the last 10 years, reported Wam citing its top official.

The IPWP model was developed by incorporating the best international experiences and practices. It has been designed to align with the requirements of Dubai and its legislative and technical environment, said its MD and CEO Saeed Mohammed Al Tayer.

Dewa contributes to attracting foreign investments through its pioneering energy and water projects based on the IPWP model, which replaced the Engineering, Procurement and Construction (EPC) model.

Among the Dubai utility's key IPP projects is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, with a planned production capacity of over 5,000MW by 2030 and a total investment of AED50 billion.

It has inaugurated 5 phases of the solar park and is currently implementing the 1,800MW 6th phase, costing around AED 5.5 billion.

Its other energy projects based on the IPP model include the Hassyan Power Complex, which runs on natural gas. The 2,400MW power complex is one of the largest power stations in the region, using the latest international technologies in energy production.

Through this model, Al Tayer said, Dewa has achieved the lowest levelised cost of energy (LCOE) in the world in solar energy projects, making Dubai a global benchmark for solar energy prices.

“The regulatory and legislative frameworks in Dubai, which allow the private sector to participate in energy generation projects, encourage international investors and developers to be a part of the MBR Solar Park’s projects, which Dewa is implementing using the IPP model,” he stated.

“Our IPWP projects support the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy over 10 years and consolidate its position among the top three global cities. They also align with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050,” he added.