Dewa completes repayment of $1.5bn bond

State utility provider, Dubai Electricity & Water Authority, has completed the repayment of its last outstanding bond of $1.5bn

The company announced that the Global Medium Term Note bond, issued in 2010, matured and had been fully repaid.

It revealed that its generation, transmission and distribution infrastructure assets are now worth more than $47.7bn.

“New projects worth over AED 80bn are either ongoing or envisaged for completion, in the next five years,” Saeed Mohammed al-Tayer, Managing Director/Chief Executive Officer of Dewa, was quoted in a statement about the bond repayment.

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

In August, Dewa had recorded a 6.6 per cent increase in peak power demand for the year to date, the highest recorded increase since 2012.

The peak demand for electricity in the year-to-August reached 9,074MW, compared to 8,516MW for the same period in 2019.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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