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Fifteen local and foreign banks have promised about $2.2 billion in a three-year syndicated loan to Dubai Electricity and Water Authority (Dewa), enabling the utility provider to pay off its Dh8 billion loan maturing in April.

It will be developed in phases to generate 9,000 MW of power and 720 million gallons of water per day. The project has been delayed by a year and winning bidders are expected to be announced in January 2010.

Dewa yesterday signed contracts worth Dh1.53 billion for 13 power substations. The centrepiece of Dewa's investment is the Hassyan power and water desalination plant in Jebel Ali.

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