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Belgian construction group Besix has completed the financial close of the $1.2 billion Dubai Waste-to-Energy project on Monday.
Besix, half owned by Nasdaq Dubai-listed Orascom Construction, is part of the consortium that includes Dubal Holding, Itochu Corporation, Hitachi Zosen Inova, Besix Group and Tech Group that will build the facility.
The consortium will build and operate the energy-from-waste project under a 35-year concession period with Dubai Municipality.
The financing was provided 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, Ltd, Siemens Bank GmbH, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, according to a statement.
Japanese export credit agency Nippon Export and Investment Insurance (NEXI) provided loan insurance.
The waste processing facility, located in the Warsan area of Dubai, will treat 5,666 tonnes of municipal solid waste per day. A total of 1,900,000 tonnes of waste per year will be converted into renewable energy.
Several waste-to-energy projects have been announced in the region after identifying its potential as source of renewable energy.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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