Etihad ESCO pens first private sector deal with Seven Tides
Etihad Energy Services (Etihad ESCO) has signed its first private sector service agreement with UAE based developer Seven Tides.
As part of this agreement, Etihad ESCO will now develop and tender for energy conservation and solar solutions for a portfolio of 22 properties.
Dubai-based Seven Tides has developed and owns a variety of projects spanning residential, commercial and resort properties, including premium hotels such as DUKES Dubai, Anantara The Palm Dubai Resort, and Ibn Battuta Gate Hotel.
Our partnership with Seven Tides is an important achievement. We believe this will inspire other private sector players to implement energy efficient measures, which will help them with sustainable and long-term cost savings, said Ali Al Jassim, CEO Etihad ESCO, at the signing ceremony.
We will also be submitting a tender for the services that will include solar PV installation at Seven Tides properties. In order to support private players with energy efficiency, Etihad ESCO will also provide Seven Tides with flexible financing solutions. This is a milestone service agreement and more of such involvement with the private sector is essential if we are to achieve Dubais 30% energy savings target,
The service agreement is the first private sector contract that Etihad ESCO has signed after a number of successful retrofit projects for public sector organisations including, DEWA, JAFZA Mohammed Bin Rashid Housing Establishment (MRHE) and Dubai International Financial Centre (DIFC) to name a few.
Etihad ESCO believes the partnership with Seven Tides will highlight the effective role of the private sector in attaining the goals under Dubais Integrated Energy Strategy. The strategy has set a target for Dubai of 30 percent energy savings by 2030.