Etihad ESCO signs agreement with DIFC
15 existing DIFC buildings are being considered for retrofits
Etihad Energy Services Company (Etihad ESCO) has signed an agreement with the Dubai International Financial Centre (DIFC) to reduce the energy consumption and carbon footprint of the properties owned by the latter.
While Etihad ESCO is a DEWA venture acting as Dubai’s official Super ESCO to drive the development of the energy performance contracting market in the Emirate, DIFC is a financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas.
“As a market driver, Etihad ESCO is committed to delivering energy-efficient solutions via existing energy services companies to further establish Dubai as a global hub for energy efficiency,” said H.E. Saeed Mohammed Al Tayer, vice chairman of the Dubai Supreme Council of Energy, and MD and CEO, DEWA.
“Our strategic collaboration with DIFC will serve to further solidify partnerships between the public and private sectors through energy performance contracting in Dubai and enable us to provide new business opportunities for joint ventures, encourage international partnerships, and engaging budding entrepreneurs in the field,” Al Tayer said.
“We also aim to support and encourage partnerships within the private sector to strengthen Dubai's status as a global smart and sustainable city," he added.
Under the terms of the agreement, Etihad ESCO is concluding the feasibility study via a thorough evaluation of the existing DIFC owned and built facilities, and has identified promising sustainable energy savings in the iconic Dubai landmark.
The Super ESCO will subsequently initiate a competitive selection process to identify the ESCOs tasked with implementing energy-saving measures and upgrading 15 existing DIFC buildings. Etihad ESCO will also provide financing, project management services and performance services throughout the duration of the agreement to ensure the final upgrades conform to international energy-saving standards.
Commenting on the agreement, H.E. Essa Kazim, governor, DIFC, said: “We are pleased to be working with Etihad ESCO to promote the Vice President and Prime Minister of the UAE and Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum's Green Economy for Sustainable Development initiative launched in the Emirate.”
“It is essential that any developments within the DIFC district incorporate sustainable, long-term energy solutions in line with global standards and in support of Dubai's vision to become an internationally-recognised energy-efficient city,” Kazim said.
Speaking about the drive towards energy efficiency in Dubai, Stephane Le Gentil, CEO, Etihad ESCO, said: “Many owners are recognising the need for sustainable, energy-efficient buildings, while at the same time considering the financial implications of retrofitting existing facilities.”
“Cost is a key factor driving the decision, and we are able to address this concern in the Dubai market by providing financing options that enable building owners to upgrade existing infrastructure without the need for capital investment,” Le Gentil said.