Dubai utility DEWA said that it has no plans to raise new funds in 2016 and 2017 according to CEO Saeed Mohammed al-Tayer. The company plans to repay USD500mn bond maturing in October 2016. Most of the utility's renewable projects are Independent Power Projects, funded by developers. DEWA has to fund part of the equity portion for the projects, which it can cover from its cash reserves. Tayer does not expect a slowdown in energy consumption demand in Dubai in the near-term. Emirate's energy consumption growth is estimated to be about 5 to 6 percent in 2016, similar to 2015. (Reuters)
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