Dubai’s DEWA repays $1.5bn bond, turns debt-free

The Dubai Electricity and Water Authority (DEWA) has repaid a $1.5bn bond issued in 2010, it confirmed on Sunday.

The Global Medium Term Note (GMTN) was issued for a period of 10 years.

DEWA, which reportedly has over a million customers, confirmed that it now is completely debt free.

Its generating, transmission and distribution infrastructure assets to supply water and electricity are now valued at over Dhs175bn.

DEWA has announced that it has completed repayment of its last outstanding Bond of USD 1.5 billion. With this step, DEWA is in the privileged position of having Zero debt on its books. #DEWANews pic.twitter.com/6LDZS7USWc

— DEWA | Official Page (@DEWAOfficial) October 18, 2020

“New projects worth over Dhs80bn are either ongoing or envisaged for completion, in the next five years,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.

“DEWA is not necessarily counting on new borrowings for that, rather we will use internal resources and leverage public private partnerships.”

Read: Dubai repays 10-year $750m bonds certificates

In May, DEWA said that clean energy accounts for around 9 per cent of Dubai’s total output.

These figures exceed the targets that were set out in the Dubai Clean Energy Strategy 2050.

Read: Clean energy now accounts for 9% of Dubai’s total output

The total installed capacity is 11,700MW of electricity. This includes 1,013MW from photovoltaic solar panels at the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest solar park.

“Reflecting the vision and directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, DEWA’s focus now is on using disruptive technologies, increasing the share of clean energy and promoting Dubai as a global hub for green economy,” added Al Tayer.