Etihad Energy Services (Etihad ESCO) and Dubai International Financial Centre (DIFC) Launch Energy Efficiency ProgramPress Release25 Jun 2014 07:03 am
Etihad ESCO and DIFC sign agreement on reducing energy consumption
Dubai, UAE – 25th June, 2014 – Etihad Energy Services Company (Etihad ESCO), Dubai's official Super ESCO driving the development of an energy performance contracting market, has signed an agreement with the Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, to reduce energy consumption and carbon footprint of the properties owned by the DIFC.
The move is in line with the 'Green Economy for Sustainable Development' initiative launched in 2012 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and is aligned with the Dubai Integrated Energy Strategy 2030 of reducing energy demand by 30% in that same year. The agreement is part of Etihad ESCO's mandate to create a market that meets the growing need for energy-efficient solutions in Dubai as new projects and developments are in the pipeline.
HE Saeed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy (DSCE), MD and CEO of Dubai Electricity and Water Authority (DEWA), and Chairman of Etihad ESCO, said: "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. Our strategic collaboration with the 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 engage budding entrepreneurs in the field. We also aim to support and encourage partnerships within the private sector to strengthen Dubai's status as a global smart and sustainable city."
Commenting on the signing, H.E. Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), said: "We are pleased to be working with Etihad ESCO to promote Vice President and Prime Minister of the UAE and Ruler of Dubai, HH 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-recognized energy-efficient city."
Discussing the demand for energy efficiency solutions in Dubai after the signing, Stephane le Gentil, CEO of Etihad ESCO, commented: "Many owners are recognizing 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 through providing financing options that enable building owners to upgrade existing infrastructure without the need for capital investment."
Under the terms of the agreement, Etihad ESCO is concluding the feasibility study via a thorough evaluation of the existing DIFC owned 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 the 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.