Dubai Municipality in partners with the international consortium announces the financial close of world’s largest waste-to-energy plant to be built in a single phase.
The facility will process 1.9 million tonnes of municipal waste per year and produce approximately 200 MW of renewable electricity.
The value of the project is approximately $1.2 billion.
The equity investor consortium comprises leading private and public operators from the Middle East, Asia and Europe: Dubai Holding, DUBAL Holding, ITOCHU, HZI, BESIX and Tech Group.
The debt provider group comprises Japanese export credit agency Japan Bank for International Cooperation (JBIC) alongside international lenders Crédit Agricole Corporate and Investment Bank, KFW IPEX-Bank GmbH, Mizuho Bank, Ltd, Siemens Bank GmbH, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. Japanese export credit agency Nippon Export and Investment Insurance (NEXI) provided loan insurance.
The project is located at the former Warsan landfill site. Its size and capacity make this facility one of the largest in the world. Up to 200 MW of thermal energy recovered will be fed into the local grid.
The agreement with Dubai Municipality includes the design and construction of the facilities, as well as financing and a 35-year operation and maintenance period on behalf of Dubai Municipality.
In March 2021, Consortium signed financing deal of $900mn for the project.
