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Project Financing for Warsan Waste to Energy Project in the Emirate of Dubai, UAE
Supporting Japanese Company’s Participation in the First Waste to Energy Project in Dubai

  • Region: The Middle East
  • Infrastructures
  • Environment
  • Overseas Investment Loans
  • Project Finance
 March 29, 2021
  1. The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on March 28 a loan agreement in project financing*1 amounting to up to approximately USD 452 million (JBIC portion) with Dubai Waste Management Company P.S.C. (DWMC) in the United Arab Emirates (UAE), which is invested in by ITOCHU Corporation, Hitachi Zosen Corporation, and other entities. The loan is co-financed with Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Société Générale, KfW IPEX Bank GmbH, Standard Chartered Bank, Crédit Agricole Corporate and Investment Bank, and Siemens Bank GmbH, with a total co-financing amount of approximately USD 927 million. Nippon Export and Investment Insurance (NEXI) will provide the insurance for part of the loan by the private financial institutions.
      
  2. In this project, which is the first waste to energy project in Dubai, DWMC will build, own, and operate a plant (waste treatment capacity of 1.9 million tons/year; power output of 194MW) that uses stoker-type incinerators*2 in the Warsan district, Dubai under the concession agreement between DWMC and the Dubai Municipality. The project will enable the processing of up to 45% of Dubai's current municipal waste generation. DWMC will treat waste and sell the electricity produced by the plant for a period of 35 years following the completion of construction. For JBIC, this is the first project financing offering for a waste to energy project.
      
  3. In Dubai, most of the country's waste is buried in landfills, and the plots for landfills are becoming scarce. Also, the government of Dubai aims to reduce the amount of waste being sent to landfills to zero by 2032 and is promoting an increase in clean energy, including waste-to-energy. The loan is in line with the environment and energy policies of the government of Dubai and will also contribute toward preserving the global environment.
      
  4. In its Infrastructure System Overseas Promotion Strategy 2025 issued in December 2020, the government of Japan expressed its intention to promote orders for high-quality environmental infrastructure systems by Japanese companies, including waste treatment and recycling, toward the realization of a decarbonized society. This loan is in line with these government policies, as it will contribute toward Japanese industry maintaining and enhancing its international competitiveness by financially supporting Japanese companies that invest in overseas infrastructure projects as well as operate and manage these facilities on a long-term basis.
      
  5. As Japan's policy-based financial institution, JBIC will continue to support the overseas infrastructure business expansion of Japanese companies by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming functions.
      
Note
  1. *1 
    Project finance is a financing scheme in which repayments for a loan are made solely from the cash flow generated by the project.
  2. *2 
    A stoker incinerator is a mechanical system with stepped fire grates (stokers) in the furnace to send combustion air to dry and burn waste. The steam from the flue gas generated from the combustion is collected to generate power.

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