Financing commitments have been secured for Sharjah Multi-Fuel Waste-to-Energy Facility, a project being developed by Masdar and Bee'ah's joint venture (JV), Emirates Waste to Energy Company (EWEC).
Abu Dhabi Fund for Development (ADFD), Abu Dhabi Commercial Bank (ADCB), Siemens Financial Services, and Sumitomo Mitsui Banking Corporation have committed to funding the project.
EWTE was launched in May 2017, and the Sharjah facility it is developing will be the first of its kind in the UAE.
Constructions Industrielles de la Méditerranée (CNIM), a French engineering company that specialises in waste-to-energy work, was awarded a design-build-operate (DBO) agreement for the project in May 2017.
The plant's waste supply agreement (WSA) and power purchasing agreement (PPA) were signed with Sharjah Electricity and Water Authority (SEWA) last year.
Sharjah Multi-Fuel Waste-to-Energy Facility is due for completion by 2020, and is expected to help achieve the UAE’s aim of diverting 75% of its municipal solid waste from landfills by 2021, as well as Sharjah’s target of diverting zero waste to landfills by 2020.
Within its first phase, the plant will treat more than 300,000 tonnes of municipal solid waste (MSW) each year, the equivalent of 37.5 tonnes of solid waste per hour.
The facility will also be equipped to generate approximately 30 megawatts (MW) of energy.
Finance agreements for the project were signed at the EcoWaste exhibition, a component of Abu Dhabi Sustainability Week (ADSW), WAM reported.
Commenting on the developments, Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said: "Viewing waste as a material resource that can be harnessed for power is the type of innovative thinking needed to deliver on the UAE’s sustainability agenda.
"Today’s signing of financial documents is a key step in the realisation of the UAE’s first waste-to-energy plant and paves the way for the commercialisation of other waste-to-energy projects."
Khaled Al Huraimel, group chief executive officer of Bee'ah, added: "The new waste-to-energy facility is an iconic project as it is the first of its kind in the UAE.
"Through our contract with CNIM, we will be able to utilise the expertise of an industry leader in exploring the full potential of this facility, and in setting an example that can be replicated across other projects by [EWEC]."