Dubai Electricity & Water Authority Sets New Records in Solar Power Generation

The Dubai Electricity and Water Authority (DEWA) continues to make strides in the renewable energy sector with its recent groundbreaking achievements at the Mohammed bin Rashid Al Maktoum Solar Park. The park now hosts the 'Tallest Concentrated Solar Power Tower' at 263.126 metres and the 'largest thermal energy storage plant' at 5,907 megawatt hours. These records were set in the park's 4th phase, which uses both Concentrated Solar Power (CSP) and photovoltaic solar panel technologies. DEWA's MD & CEO, HE Saeed Mohammed Al Tayer, received the certificates at COP28, hosted by the UAE at Expo City Dubai. These achievements underline DEWA's commitment to renewable energy and its innovative approach to addressing the challenges of energy production and storage. The company's efforts align with Dubai's Clean Energy Strategy 2050, aimed at producing 75% of the city's total power output from clean energy by 2050. With a market cap of 125 billion, DEWA has shown consistent growth along with Dubai’s expanding economy, population, and infrastructure since its establishment in 1992. The recent achievements have further strengthened DEWA's position as a leading player in the renewable energy sector. However, the 3-month yield of -0.02% and 1-month yield of 0.02% indicate a relatively neutral performance in the market. Given the company's recent achievements and its strategic position in Dubai's energy sector, it appears to be a stable investment. However, investors should keep in mind the broader context of the energy market and the potential risks associated with investing in renewable energy. It is advisable to maintain a balanced portfolio and consider DEWA as part of a long-term investment strategy.