USD1.2 billion Waste-to-energy PPP project in UAE reaches Financial Close

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USD1.2 billion Waste-to-energy PPP project in UAE reaches Financial Close

BESIX has achieved Financial Close on the Dubai Waste-to-Energy project, a USD1.2 billion public-private partnership.

The Dubai Waste-to-Energy plant, one of the world’s largest, was procured by Dubai Municipality. With an annual treatment capacity of 1.9 million tonnes of waste diverted from landfill, the project will generate 200 MW of electricity.

Olivier Crasson, General Manager of BESIX in the Middle East, said: “Dubai Waste-to-Energy is an example of which we are very proud: together with Dubai Municipality, Hitachi Zosen Inova and our valuable co-investors, we have conceived and engineered one of the most ambitious environmental projects in the Middle East and made it a reality. We designed it, today we are building it, and tomorrow we will operate and maintain it for 35 years"

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, 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.

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