Eight bids received for latest attempt at developing private power in Dubai
Dubai Electricity & Water Authority (Dewa) has received bids for the advisory mandate on its 1,200MW coal independent power project (IPP) at Hassyan, the latest attempt by the UAE emirate to develop a private power scheme.
It is understood that eight consortiums bid for the deal, one consisting of the UKs Ernst & Young, US-headquartered White & Case and Finland-based Poyry, and the all UK-based consortium of PwC, Clifford Chance and Mott Macdonald. As expected, there were no bids from any investment banks, although the local Emirates NBD did put in a bid.
A team of Clifford Chance, Mott Macdonald and the UKs HSBC had advised Dewa on its last attempt at developing an IPP, a gas-fired plant also planned for the Hassyan site before that idea was scrapped in 2012.
Dewa has not yet provided a timeline for the development of the project. The original Hassyan scheme on the site was to cost about $1.5bn. The revised plan to develop a coal-fired plant is expected to be higher.
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