EZW signs MOU with Etihad ESCO on retrofit project
The MoU between Economic Zones World and Etihad ESCO is expected to generate savings of up to $35m (AED132m)
Economic Zones World (EZW) has signed a memorandum of understanding with Etihad ESCO to retrofit its existing buildings and facilities in the Jebel Ali Free Zone (JAFZA).
The project is expected generate savings of up to $35m (AED 132m) over a six-year period, while also reducing CO2 emissions within the free trade zone by 75,000 tonnes.
The first phase of the retrofit will target the staff accommodations comprised of 157 buildings. As part of the process, Etihad ESCO will replace 5,000 air conditioners, 85,000 light fixtures and 31,000 water fixtures.
HE Saeed Al Tayer, chairman of Etihad ESCO said: “This is a significant milestone in the history of Etihad ESCO as we sign the largest energy retrofit Project of UAE and the Middle East. Our commitment is to enhance energy efficiency and this project is intended to reduce water consumption and electricity usage thereby saving a significant sum.”
DEWA's Etihad ESCO’s retrofit project will be funded through sharia compliant financing from National Bonds Corporation. The repayment, which will also include financing cost, will be generated from the guaranteed savings over the six-year project period.
JAFZA has previously benefitted from numerous green initiatives, which include the installation of timer controlled devices and photocells in parking areas. Water saving devices were also installed in office buildings helping to cut consumption by 23%. In 2009, the trade zone mandated that all facility developments follow green building standards.