$220mn to fi­nance UAE WTE project

The Shar­jah Waste-to-En­ergy Fa­cil­ity will have a ca­pac­ity of around 30

Utilities Middle East - - NEWS -

Abu Dhabi Fu­ture En­ergy Com­pany, bet­ter known as Mas­dar, and en­vi­ron­men­tal man­age­ment com­pany Bee’ah have com­pleted the fi­nanc­ing of a $220mn waste-to-en­ergy (WTE) plant in Shar­jah, the UAE’s first.

The lenders to the project are Abu Dhabi Fund for De­vel­op­ment, Abu Dhabi Com­mer­cial Bank, Siemens Fi­nan­cial Ser­vices, Su­mit­omo Mit­sui Bank­ing Cor­po­ra­tion, and Stan­dard Char­tered Bank, a state­ment said.

The Shar­jah Waste-to-En­ergy fa­cil­ity is be­ing man­aged by Emi­rates Waste to En­ergy Com­pany, a joint ven­ture formed by Mas­dar and Bee’ah last year, and is ex­pected to be on stream by 2020.

Lo­cated at Bee’ah’s Waste Man­age­ment Cen­tre in Shar­jah, the new plant will process more than 37.5 tonnes of mu­nic­i­pal solid waste (MSW) per hour to gen­er­ate elec­tric­ity sus­tain­ably.

Once op­er­a­tional, it will con­trib­ute sig­nif­i­cantly to reach­ing the UAE’s tar­get of di­vert­ing 75% of its solid waste from land­fills by 2021, as well as Shar­jah’s zero-waste-to-land­fill goal.

The Shar­jah Waste-toEn­ergy Fa­cil­ity will have a ca­pac­ity of around 30 megawatts, enough power to sup­ply around 28,000 UAE homes.

French engineering com­pany Con­struc­tions In­dus­trielles de la Méditer­ranée (CNIM) was ap­pointed last May to de­sign, build and op­er­ate the fa­cil­ity on com­ple­tion.

Achiev­ing fi­nan­cial close on the re­gion’s first com­mer­cial WTE project, and one of the largest of its type, not only il­lus­trates the bank­a­bil­ity of the re­new­ables sec­tor’s grow­ing ap­peal to both the lo­cal and in­ter­na­tional in­vest­ment com­mu­nity, ac­cord­ing to Mo­hamed Jameel Al Ramahi, CEO of Mas­dar.

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