Abu Dhabi Fund for Development approves loan for the development of a waste-to-energy facility in Sharjah
Abu Dhabi Fund for Development (ADFD), the national entity for development aid, has approved a $33 million concessionary loan for the development of a waste-to-energy facility in Sharjah.
The facility is the flagship project of Emirates Waste to Energy Company, a joint venture between Masdar and Bee’ah, the environmental management company.
In January, 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 percent of its municipal solid waste from the landfill by 2021.
Mohammed Saif Al Suwaidi, director general of ADFD, 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.”
Mohamed Jameel Al Ramahi, CEO of Masdar, 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.
He 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 percent of its electricity needs from clean energy sources by 2050.”
Khaled Al Huraimel, group CEO of Bee’ah, 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.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.