The zone forms part of the AED100bn ($27bn) Clean Energy Strategy, which was launched in November by Dubais ruler Sheikh Mohammed bin Rashid al-Maktoum.
The new free zone will be called Dubai Green Zone, and is planned to attract both established and emerging companies in the clean energy sector.
Consultancies have until 3 March to submit proposals for the contract.
In January, Dewa invited firms to pitch for advisory and regulatory development services mandates for the clean energy fund. Bids were submitted on 28 February.
The Dubai Green Fund is planned to provide low-cost loans for investors in Dubais clean energy sector as part of the emirates energy investment programme.
Dubai wants to generate 7 per cent of its energy from clean energy sources by 2020, raising it to 25 per cent in 2030 and 75 per cent in 2050.