Masdar and Bee’ah have recently received an award for the Sharjah Waste-to-Energy Facility at the prestigious IJGlobal Awards ceremony in Dubai.
Managed by Emirates Waste to Energy Company (EWEC), a joint venture between the two companies, the project won the IJGlobal MENA waste deal of the year, Masdar noted in a statement.
The IJGlobal Awards celebrate the best-in-class transactions to have closed over the past calendar year, across the international infrastructure and energy sectors, while recognising the organisations that play central roles in these deals.
The honour follows the project’s recent Clean Energy Deal of the Year Award, for the Middle East and Africa region, at the Project Finance International Awards 2018 – widely regarded as the most prestigious in global capital markets.
Located within Bee’ah’s Waste Management Centre in Sharjah, on completion the 30MW plant will process more than 37.5 tonnes of municipal solid waste (MSW) per hour to generate electricity sustainably; and divert more than 300,000 tonnes of municipal waste away from landfills every year.
Operating at full capacity, it will contribute significantly to reaching the UAE’s target of diverting 75% of its solid waste from landfills by 2021, as well as Sharjah’s zero-waste-to-landfill goal.
The 20-year term loan of $162 million was procured from a consortium including the Abu Dhabi Fund for Development (ADFD); Abu Dhabi Commercial Bank (ADCB); Siemens Financial Services; Sumitomo Mitsui Banking Corporation (SMBC); and Standard Chartered Bank (SCB).
Last year, the financing of the project was also recognised as the Structured Loan Deal of the Year at the Bonds, Loans & Sukuk Middle East Awards.