Dubai Electricity and Water Authority (DEWA) has received the award for Corporate Finance Deal of the Year 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 HH Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development.
DEWA is the first government utility to win this prestigious 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.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, dedicated this achievement to HH 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.
Al Tayer noted that “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.”
“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%. This project will be debt-financed over 25 years, and will be operational in 2017. DEWA has obtained the lowest price per kWh in the world, at US$ 5.62 cents per kWh. What makes this price so significant is ultimately, that the required amount of capital investment has been reduced by over 90% because of the IPP’s innovative business model, and the 25-year debt financing term at the most competitive rate in the region,” said Al Tayer.
The ICAEW is an international institution composed of over 140,000 members from all over the world. The institution organises the International Accountancy and Finance Excellence Awards annually, which covers 10 categories.