ADFD ves US$33 Million Concessionary Loan for Sharjah Waste-to-energy Facility
Abu Dhabi,05 Sep 2018
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has approved a US$33 million (AED121 million) concessionary loan for the development of a waste-to-energy facility in the emirate of Sharjah.
The facility is the flagship project of Emirates Waste to Energy Company, a joint venture between Masdar, a regional leader in renewable energy, and Bee’ah, the UAE’s leading environmental management company. In January 2018, ADFD confirmed its commitment to financing the project, the second of its kind in the MENA region.
Expected to treat more than 300,000 tonnes of municipal solid waste (MSW) each year, or 37.5 tonnes per hour, the plant will have the capacity to generate around 30 megawatts of energy. Due for completion by early 2021, the facility aims to help attain Sharjah’s zero-waste-to-landfill target and the UAE’s objective of diverting 75 per cent of its municipal solid waste from the landfill by 2021.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Khaled Al Huraimel, Group Chief Executive Officer of Bee’ah, signed the loan agreement at the ADFD headquarters in Abu Dhabi. Senior representatives of ADFD and the two visiting parties also attended the signing ceremony.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “We are proud to support one of the first waste-to-energy project in the UAE alongside our strategic partners – Masdar and Bee’ah. This project is an important step in translating the UAE’s objectives in sustainability into reality.”
He added: “ADFD is committed to financing projects that align with national priorities. We are confident that the Sharjah waste-to-energy facility will bolster the UAE’s journey towards a renewable energy future. Moreover, ADFD is also keen on reinforcing the key pillars of the UAE national economy by supporting local companies. Not only will this project stimulate the creation of a new economic sector in the country, but it will also encourage new job opportunities in Sharjah.”
For his part, Al Ramahi commended ADFD for its important role in translating national and global sustainable development goals into reality. He also noted that the project is estimated to displace almost 450,000 tonnes of carbon dioxide emissions per year and save an equivalent of 45 million cubic metres of natural gas per year.
Al Ramahi said: “The completion of this funding agreement is a key step in the development of the facility, a pioneering project which, once on stream, will make a major contribution towards achieving the UAE’s goal of producing 50 per cent of its electricity needs from clean energy sources by 2050.”
“Our collaboration with ADFD and Bee’ah is further evidence of the commercial viability of advanced clean technologies here in the UAE and the wider region,” Al Ramahi added. “We would like to thank all our partners involved in realizing this groundbreaking waste-to-energy project and are proud to invest our decade-long renewable energy experience in support of Sharjah’s commitment to sound environmental management.”
Speaking on the occasion, Al Huraimel said: "As one of the first waste-to-energy facilities in the region, this iconic project firmly puts the UAE on a path to securing the green energy future of the nation. We are pleased to have the support of nationally renowned entities like the ADFD in making this project a reality. In addition to bringing clean energy to thousands of homes, this facility constitutes the final step in the zero-waste-to-landfill strategy, creating a new paradigm for the integrated management of waste.”
ADFD assists beneficiary countries in achieving sustainable socio-economic growth through financing their development priorities. Since its inception in 1971, the Fund has provided financial contributions and investments with a total value of AED83 billion to fund thousands of development projects in 88 countries across the globe.
