Dubai, United Arab Emirates 29 May 2011: Dubai Electricity and Water Authority (DEWA) has invited 18 selected developers to participate in the 1500 MW Hassyan I Independent Power Project (IPP) following the Expression of Interest (EOI) for the project published in March 2011.

The selection of the developers was based on the Statements of Qualification(SOQ) received from 20 developers as responses to the Request for Qualification (RFQ) issued by DEWA and its advisor last month  to 27 Developer showed their interest in the project.

This milestone comes within the context of creating and developing areas of investment to encourage the private sector's engagement in strategic projects and to establish a business model which depends on the competitiveness and latest available technologies designed to provide the future energy needs of Dubai while considering the environmental aspects.

HE / Saeed Mohammad Al Tayer, Managing Director and Chief Executive Officer of DEWA pointed out that DEWA' s latest strides come in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai aiming to consolidate Dubai's position as a leader in the region and strengthen its role as a global economic and financial pole.

"The request for proposal (RFP) will cover General Instructions to the bidder, minimum functional specification, shareholder agreement, power purchase agreement as well as DEWA IWPP Code," HE added.

"The successful Bidder (being a developer or forming a Developer Consortium) will ultimately own 49% of a special purpose company which will be formed to own the Hassyan I Project. The balance of 51% will be owned directly or indirectly by DEWA. The Special Purpose Company ("SPC") will be incorporated under the applicable laws of the United Arab Emirates," HE explained.

It can be highlighted that Dubai and for the last years has established the required regulatory framework for I(W)PP such as regulatory service bureau (RSB) , issuance of  the Decree No. (9) of 2011 Amending Decree No. (1) of 1992 Establishing Dubai Electricity and Water Authority and Law No. (6) of 2011 Regulating the Participation of the Private Sector in Electricity and Water Production in the Emirate of Dubai, to allow for the participation of private developer in the Electricity and Water generation sector in the Emirate of Dubai

The offers are expected to be submitted in October 2011 and the PPA with the successful bidder is expected to be signed by the end of 2011.

DEWA is pleased to see that there is such a strong appetite to invest in Dubai's economy in a way which will further enhance the supply guarantees for electricity and water, fulfilling the needs of our customers and the ever growing economy.

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© Press Release 2011