$220mn to finance UAE WTE project
The Sharjah Waste-to-Energy Facility will have a capacity of around 30
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.