Bee’ah and Masdar, the Abu Dhabi Future Energy Company, have announced that their joint project, the Sharjah Waste to Energy Facility, was recognised as 2018 'Waste Deal of the Year', for the Middle East and North Africa region, at the IJGlobal Awards
SHARJAH, (Pakistan Point News - 26th Mar, 2019) Bee’ah and Masdar, the Abu Dhabi Future Energy Company, have announced that their joint project, the Sharjah Waste to Energy Facility, was recognised as 2018 'Waste Deal of the Year', for the middle East and North Africa region, at the IJGlobal Awards. The award ceremony was held recently in Dubai, as part of four events being carried out across the world.
The Sharjah Waste to Energy Facility was named ‘Waste Deal of the Year’, in recognition of the precedent it has set in securing external funding for waste-to-energy projects in the GCC. The first deal of its kind in the region, the project brought together a consortium of five banks to provide financing on a non-recourse basis, via a soft mini-perm structure.
Khaled Al Huraimel, Group CEO of Bee’ah, said, "In building the UAE’s first waste-to-energy facility, we have crossed a new milestone towards a sustainable future for the energy sector in the UAE. This project has not only positioned the UAE as a pioneer in energy excellence, but also become a case study for how the private sector can be engaged in promoting environment-friendly initiatives. Through their support, our lenders have set an example for how the banking and finance sector can participate in the nation’s sustainability drive. We are honoured to receive this award which recognises the hard work and dedication of our finance teams, and the exceptional teamwork that made this landmark transaction possible."
The Sharjah Waste to Energy Facility, which is the UAE’s first waste-to-energy facility, is being developed and managed by the Emirates Waste to Energy Company, EWEC, a joint venture formed by Bee’ah and Masdar. Located within Bee’ah’s Waste Management Centre in Sharjah, the 30 MW plant will process more than 37.5 tonnes of municipal solid waste, MSW, per hour to generate electricity sustainably; and divert more than 300,000 tonnes of municipal waste away from landfills every year. Operating at full capacity, it will contribute significantly to reaching the UAE’s target of diverting 75 percent of its solid waste from landfills by 2021, as well as Sharjah’s zero-waste-to-landfill goal.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, "It is hugely rewarding to see our joint project with Bee’ah of Sharjah receive further international recognition. Being named Waste Deal of the Year at the prestigious IJGlobal Awards is a tribute to the teamwork and professionalism of all the partners involved."
"The successful financing agreement behind the Middle East’s first utility-scale waste-to-energy plant will hopefully attract additional investment in clean technologies to Sharjah and the UAE," Al Ramahi added. "As well as being the first deal of its kind in the region to secure external funding for a waste-to-energy facility, the loan structure paves the way for similar projects to be carried out across the region."
The 20-year term loan of US$162 million was procured from a consortium including the Abu Dhabi Fund for Development, ADFD, Abu Dhabi Commercial Bank, ADCB, Siemens Financial Services, Sumitomo Mitsui Banking Corporation, SMBC, and Standard Chartered Bank, SCB.
