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Lafarge UAE Secures Transition Finance for WHR Project

The Standard Chartered Bank (SCB) said it closed a transition trade finance facility for a cement producer in Ras Al Khaimah.

 

The facility was given to Lafarge UAE, a wholly owned subsidiary of Swiss firm Holcim Group and is one of the biggest cement producers in the UAE, to support their latest waste heat recovery (WHR) project.

 

The project is designed to reduce the cement company's reliance on using electricity from the grid to power their operations, and is in line with Holcim's aim to be net zero by 2050. It is said to be first WHR project in the UAE to use Organic Rankine Cycle technology.

 

"The WHR project encourages the use of clean and environmentally friendly energy in our operations and also supports our global mission to build a net zero world," the RAK-based firm's general manager Olivier Milhaud said.

 

In June this year, Lafarge said it signed a long-term contract to kick start its WHR project.

 

SCB did not disclose the value of the financing, but they said it aligns with their earlier pledge to provide $ 300 billion of green and transition finance by 2030.

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