Consortium to Build One of the World’s Largest Waste to Energy Project in Partnership with Dubai Municipality Secured Finance Loan Agreement
An international consortium consisting of Hitachi Zosen Inova, Dubai Holding, Dubal Holding, ITOCHU Corporation, BESIX Group and Tech Group started the development of one of the world’s largest Waste to Energy (WtE) projects. The consortium of leading international companies will build and operate the project under a 35-year concession period with Dubai Municipality. This landmark public-private partnership represents one of the most significant renewable energy investments in the United Arab Emirates.
The project finance loan agreements have been finalised between the consortium and the Japan Bank for International Cooperation (JBIC) and financial institutions including Société Générale Bank, KfW IPEX Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Siemens Bank and Crédit Agricole Bank. Nippon Export and Investment Insurance (NEXI) will provide the insurance for a part of the loan being provided by the financial institutions.
The Dubai Centre for Waste Processing, located in the Warsan area, will treat a total of 1,900,000 tonnes of Dubai’s waste per year, generating renewable energy. The 200 MW of electricity generated will be fed into the local grid as baseload energy. The facility will have the capacity to process up to 45% of Dubai’s current municipal waste generation, in turn significantly minimising the volume of municipal waste in landfills.