(MENAFN) Dubai Water and Electricity Authority (DEWA) announced that the emirate has decided to triple its target to increase the share of renewables to 15 percent in its energy mix by 2030, as well as increasing its target for 2020 by 7 times to 7 percent, Emirates 24/7 reported.
DEWA said that Dubai's decision to increase the renewables share negates the speculation that falling oil prices in the international market will affect the growth of the renewable energy sector, adding that it expects that investments in Dubai's energy sector are expected to surpass USD15.24 billion over the next five years to meet the emirate's growing demand on water and power.
The higher targets for renewables also follows DEWA's announcement that it will double the capacity of the phase two of the Mohammad Bin Rashid Al Maktoum Solar Park from 100 to 200MW, with a consortium led by Saudi Arabia's ACWA and Spain's TSK selected as a bidder with the lowest price for the project.
"Dewa works to achieve the strategy of the Supreme Council of Energy in Dubai to diversify the energy mix and reduce consumption by 30 percent by 2030 and we are on track to surpass the previous targets. The UAE, represented by Dewa, has been ranked first in the Middle East and North Africa and fourth globally, for the second consecutive year, in getting electricity," Managing Director and CEO of DEWA said.
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