Dubai to develop $1.1 bln energy from waste facility

Kanadevia

29/03/2021 07:27

DUBAI, March 29 (Reuters) - Dubai Holding, the investment
vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum,
said on Monday it had partnered with five firms to develop a 4
billion dirham ($1.1 billion)  energy-from-waste facility.
    The consortium consists of Dubal Holding,
Switzerland-headquartered Hitachi Zosen Inova, Japan's ITOCHU
Corporation, Belgium's BESIX Group  7004.T  and local
construction firm Tech Group, Dubai Holding said in a statement.
    The build and operate project has a 35-year concession
period with the Dubai municipality, the statement said.
    "The facility will treat 5,666 tonnes of municipal solid
waste produced by Dubai per day," it said, adding that it would
generate energy by processing 1.9 million tonnes of waste per
year.
    Project finance loan agreements worth $900 million have been
finalised with Japan Bank for International Cooperation and
financial institutions including Standard Chartered Bank
 STAN.L  and Sumitomo Mitsui Banking Corp.

    ($1 = 3.6728 UAE dirham)

 (Reporting by Hadeel Al Sayegh; Editing by Edmund Blair)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))