{"id":551,"date":"2021-02-18T08:20:51","date_gmt":"2021-02-18T08:20:51","guid":{"rendered":"https:\/\/energy.maximagroup.website\/?p=551"},"modified":"2021-03-29T05:45:53","modified_gmt":"2021-03-29T05:45:53","slug":"uaes-first-waste-to-energy-project-recognized-as-clean-energy-deal-of-the-year-at-the-prestigious-pfi-awards-2018","status":"publish","type":"post","link":"http:\/\/emirateswte.ae\/fr\/uaes-first-waste-to-energy-project-recognized-as-clean-energy-deal-of-the-year-at-the-prestigious-pfi-awards-2018\/","title":{"rendered":"UAE\u2019s first waste-to-energy project recognized as Clean Energy Deal of the Year at the prestigious PFI Awards 2018"},"content":{"rendered":"

International accolade recognizes outstanding project financing towards the development of the Bee\u2019ah-Masdar joint project<\/i><\/span><\/strong><\/p>\n

Sharjah, UAE, 20 February 2019:<\/b> Bee\u2019ah, the Middle East\u2019s sustainability pioneer, and Masdar, the Abu Dhabi Future Energy Company, have announced that their joint project, the Sharjah Waste to Energy Facility, was recognized as the Clean Energy Deal of the Year, for the Middle East and Africa region, at the Project Finance International Awards 2018. <\/span>The award, which is considered to be the most prestigious in global capital markets, was presented during a ceremony held at the London Hilton on Park Lane, on the 6<\/span>th<\/sup><\/span> of February 2019.<\/span><\/p>\n

The Sharjah Waste to Energy Facility was named \u2018Clean Energy Deal of the Year\u2019, in recognition of the precedent it has set in project-financed waste-to-energy projects in the GCC. The first deal of its kind in the region, the project brought together a consortium of 5 banks to provide financing on a non-recourse basis, via a soft mini-perm structure. Through a robust implementation plan, coordination between government entities, and a well-aligned approach to risk allocation, the project succeeded in securing external investment, in a traditionally risk-averse lender market, spurring private sector participation towards the UAE\u2019s renewable energy ambitions. <\/span><\/p>\n

HE Khaled Al Huraimel, Chairman of the Emirates Waste to Energy Company and Group CEO of Bee\u2019ah, said, \u201c<\/span>We are honored to receive this award which recognizes the cumulative efforts of our finance teams and investors towards establishing the region\u2019s first waste-to-energy project. While the Sharjah Waste to Energy Facility aims to help the UAE set new milestones towards zero-waste and renewable energy generation, the financing of this project sets new precedents in private sector participation in the nation\u2019s sustainability drive. This landmark transaction is an example for how environmental advocacy can be promoted in the banking and finance sector, while simultaneously addressing the economic challenges faced by many innovative sustainability projects.\u201d<\/span><\/p>\n

The Sharjah Waste to Energy Facility, which is the UAE\u2019s first waste-to-energy facility, is being managed by the Emirates Waste to Energy Company (EWEC), a joint venture formed by Bee\u2019ah and Masdar. Located within Bee\u2019ah\u2019s Waste Management Center in Sharjah, the 30 MW 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\u2019s target of diverting 75 per cent of its solid waste from landfills by 2021, as well as Sharjah\u2019s zero-waste-to-landfill goal.<\/span><\/p>\n

\u201cWe\u2019re thrilled to see the financing of this landmark project for Sharjah and the UAE receive yet further praise and recognition around the world as a result of winning this prestigious industry award,\u201d said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. \u201cThe first transaction of its kind in the Middle East & North Africa, it illustrates the growing confidence of the financial sector in clean technology, as well as the attractiveness of Sharjah as an investment destination.\u201d <\/span><\/p>\n

\u201cStraightforward for investors to both understand and replicate, we\u2019re confident it will pave the way for further private sector involvement in renewable energy and clean-tech investment opportunities, which is essential if the MENA region\u2019s bold sustainability ambitions are to be realized,\u201d Al Ramahi added.<\/span><\/p>\n

Thanks to the location of the plant, concerns such as connectivity to the power transmission system, synchronization with the logistics of the existing waste management system, proximity to existing infrastructure, disruption to local community, and other high-risk factors were addressed. The waste supply agreement (WSA) with Bee\u2019ah and power purchase agreement (PPA) with the Sharjah Electricity and Water Authority (SEWA) also enhanced the bankability of the project, initiating a first-of-its-kind deal in the region\u2019s project financing market. <\/span><\/p>\n

The 20-year term loan of <\/span>USD 162 million<\/span> 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 recognized as the Structured Loan Deal of the Year at the Bonds, Loans & Sukuk Middle East Awards.<\/span><\/p>\n

The PFI Awards rank among the world\u2019s most influential recognitions in project financing ventures, and are awarded annually by Project Finance International (PFI), a magazine published by Thomson-Reuters. Considered to be the most prestigious event in the global project finance calendar, the awards ceremony brought together over 900 of the world\u2019s most senior and successful finance professionals, to celebrate industry excellence.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

International accolade recognizes outstanding project financing towards the development of the Bee\u2019ah-Masdar joint project Sharjah, UAE, 20 February 2019: Bee\u2019ah, the Middle East\u2019s sustainability pioneer, and Masdar, the Abu Dhabi Future Energy Company, have announced that their joint project, the Sharjah Waste to Energy Facility, was recognized as the Clean Energy Deal of the Year, […]<\/p>\n","protected":false},"author":11,"featured_media":552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[36,51,14,50],"acf":[],"_links":{"self":[{"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/posts\/551"}],"collection":[{"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/comments?post=551"}],"version-history":[{"count":2,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/posts\/551\/revisions"}],"predecessor-version":[{"id":735,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/posts\/551\/revisions\/735"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/media\/552"}],"wp:attachment":[{"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/media?parent=551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/categories?post=551"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/emirateswte.ae\/fr\/wp-json\/wp\/v2\/tags?post=551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}