Financing deal of USD900 million signed for Waste-to-Energy plant in UAE
Dubai Waste Management Company P.S.C., a special purpose vehicle (SPV) responsible for the development of waste to energy plant located in Dubai, has achieved financial close for Waste-to-Energy facility located in Warsan, Dubai.
The SPV consists of BESIX, Tech Group, Hitachi Zosen Inova, ITOCHU Corporation, DUBAL Holding LLC, and Dubai Holding Commercial Operations Group LLC.
A finance loan agreement was signed on March 28 for a total amount of around USD900 million with Japan Bank for International Cooperation and private financial institutions including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Société Générale, KfW IPEX Bank GmbH, Standard Chartered Bank, Crédit Agricole Corporate and Investment Bank, and Siemens Bank GmbH. Nippon Export and Investment Insurance (NEXI) will provide the insurance for a part of the loan by the private financial institutions.
This project, on a build, operate, and transfer basis with a 35-year operation period with Dubai Municipality is the first of its kind in Dubai and will be one of the largest Energy-from-Waste (“EfW”) projects in the world. ITOCHU, through its subsidiaries, holds a 20% stake in DWMC, which last December undertook the concession with Dubai Municipality, who is overseeing the waste management in the Emirate of Dubai, UAE.
Located 15km east of downtown Dubai, the facility will treat 5,666 tons of municipal solid waste from the Dubai area per day, making a total of 1,900,000 tons a year that will be converted into renewable energy. The approximate 200 MW of electricity generated will be fed into the local grid as baseload energy.
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