Masdar and Bee'ah reach financial close on UAE's first waste-to-energy facility
New plant in Sharjah showcased at WETEX 2018 will treat more than 300,000 tonnes of municipal solid waste a year and have a capacity of around 30 megawatts (MW)
Abu Dhabi, UAE, October 24, 2018: Masdar (Abu Dhabi Future Energy Company) and leading environmental management company Bee’ah have completed the financing of a US$220 million waste-to-energy (WTE) plant in Sharjah, the UAE’s first.
The lenders to the project are Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid; Abu Dhabi Commercial Bank (ADCB); Siemens Financial Services; Sumitomo Mitsui Banking Corporation (SMBC); and Standard Chartered Bank (SCB).
A signing ceremony took place at Masdar City recently with HE Khaled Al Huraimel, Group Chief Executive Officer of Bee’ah; Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar; HE Khalifa Al Qubaisi, Deputy Director General of ADFD; Mazen Zo’mot, Head, Wholesale Banking (Abu Dhabi & Al Ain) of ADCB; Imran Saeed, Senior Executive Vice President, Siemens Financial Services; Masatoshi Takesako, Regional Head, Middle East, SMBC; and Abbas Husain, Managing Director, Head of Project Export & Finance MENAP at SCB.
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 Center 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 per cent of its solid waste from landfills by 2021, as well as Sharjah’s zero-waste-to-landfill goal.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “We’re excited to see our partnership with Bee’ah reach the next critical development stage. Achieving financial close on the region’s first commercial waste-to-energy project, and one of the largest of its type, not only illustrates the bankability of advanced renewable energy technology and the renewables sector’s growing appeal to both the local and international investment community, it is also a testament to the attractiveness of Sharjah as an investment destination.”
Al Ramahi added: “Through the joint collaboration of all partners and stakeholders, the UAE is well set to deliver yet another breakthrough in commercial renewable energy.”
HE Khaled Al Huraimel, Group CEO of Bee’ah, said: “Through this project, Bee’ah and Masdar have exerted their collective energies towards diversifying the renewable energy sector, and identified a sustainable energy source with a long-term competitive advantage. At this stage, the support of these renowned financial institutions demonstrates international recognition of the project, and its feasibility in the context of the framework for sustainable economic growth.
“This project is also a testament to the growth of innovation and creativity in the commercialisation of the energy market in the UAE; which in turn, offers renewed optimism regarding the UAE’s ambition of deriving 27% of energy needs from clean sources by 2021. This transformation of energy systems will also lead to a higher quality of life in our region – a vision that Bee’ah is highly invested in pursuing.”
The Sharjah Waste-to-Energy Facility will have a capacity of around 30 megawatts (MW), enough power to supply around 28,000 UAE homes. Heat from the processing of waste will be used to power an electricity turbine connected to the grid. Flue gases will be treated before being released into the atmosphere.
The plant has been designed to meet the strictest environmental standards, including the European Union’s Best Available Techniques, widely recognised as the global standard on industrial environmental performance.
French engineering company Constructions Industrielles de la Méditerranée (CNIM) was appointed last May to design, build and operate the facility on completion.
Masdar’s renewable energy projects are located in the UAE, Jordan, Mauritania, Egypt, Morocco, the UK, Montenegro, Serbia and Spain.
The Sharjah Waste-to-Energy Facility is one of a number of innovative and commercial renewable energy projects that Masdar will be showcasing throughout the Water, Energy, Technology and Environment exhibition (WETEX), organized by Dubai Electricity and Water Authority (DEWA) in Dubai from October 23-25.
Masdar thought leaders will also be participating in the concurrent Dubai Solar Show and WETEX Technical Sessions, speaking on a diversity of topics including Saudi Arabia’s renewable energy ambitions (Oct 23); the growth of the clean energy sector in Jordan (Oct 23); intelligent mobility (Oct 25); and smart cities (Oct 25). Bee’ah will also be sharing insights into MENA's evolving waste to energy sector, and on the development of the Sharjah Waste to Energy Facility (Oct 24).
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