Standard Chartered announced on Wednesday that it led the financing for Abu Dhabi Waste-to-Energy (WtE) Project, located in the Abu Dhabi emirate, UAE.

In March 2024, Emirates Water and Electricity Company (EWEC) and Tadweer Group had signed a 30-year concession agreement with a Japanese consortium of Marubeni Corporation, Hitachi Zosen Inova AG (HZI), and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) for the 80MW WtE project under the Independent Power Project (IPP) model with EWEC procuring the electricity produced by the plant.

The Bank said in a statement that it worked closely with the winning Japanese consortium, acting as the sole senior debt underwriter in the pre-bid stage and syndicating the financing at post-award stage.

The statement said local and international banks participated in financing, which is classified as green loan, but didn’t disclose names of the participating banks. The statement didn’t disclose financing amount, structure or terms.

The Bank’s involvement in the project included roles as Pre-Bid Lead Bank, Documentation Bank, Bookrunner, Initial Mandated Lead Arranger, Green Loan Coordinator for Tadweer Group’s inaugural Green Financing, Hedging Bank, Sole VAT Lender, sole Equity Bridge Loan (EBL) Lender and Hedge Bank to Tadweer, Global Facility Agent, Commercial Facility Agent, Offshore Security Agent, and Onshore Security Agent.

The WtE project, which is scheduled to start operations in 2027, is expected to achieve reductions in CO2 emissions to an equivalent of 1.1 million tonnes per year, and is integral towards helping divert 80 percent of waste in Abu Dhabi from landfills by 2030.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.