Dubai Electricity & Water Authority (Dewa) has extended the deadline for consortiums to submit bids to provide advisory services on its first independent water and power project.

Interested parties were originally asked to submit bids for financial, legal and technical services by 22 February, but will now have until 8 March.

The call for advisers follows Dewa’s decision to cancel its plans to develop the Hassyan power and water project through direct funding in December 2009.

Once advisers are appointed, they will help Dewa find funding for the project. This process could take a long time as banks are seeking assurances over credit risk, according to sources close to the project.

A federal government guarantee has been called for by one of the potential bidders in the tender.