Belgium's BESIX completes financial close for $1.2bn Dubai Waste-to-Energy project

UAE - Mubasher: BESIX, a Belgium-based construction group that is half-owned by Orascom Construction, has achieved the financial close of the $1.2 billion Dubai Waste-to-Energy project.

BESIX is part of the equity investor consortium of private and public operators from the Middle East, Asia, and Europe, comprising Dubai Holding, DUBAL Holding, ITOCHU, HZI, and Tech Group, according to a recent press release.

The consortium will build and operate the project, procured by the Dubai Municipality, under a 35-year concession period.

With an annual treatment capacity of 1.9 million tonnes, the Dubai Waste-to-Energy plant will divert wastes from landfills and process them to produce 200 MW of electricity.

The debt provider group comprises Japan Bank for International Cooperation (JBIC), international lenders Crédit Agricole Corporate and Investment Bank, KFW IPEX-Bank GmbH, Mizuho Bank, Siemens Bank GmbH, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

Meanwhile, Japanese export credit agency Nippon Export and Investment Insurance (NEXI) provided loan insurance.

The Deputy CEO of BESIX Group, Pierre Sironval, said: "For several years now, BESIX has been consolidating its position as a leading player in the implementation of large and ambitious public-private partnerships, mainly for environmental and infrastructure projects."

Meanwhile, the General Manager of BESIX in the Middle East, Olivier Crasson, commented: "Dubai Waste-to-Energy is an example of which we are very proud: together with Dubai Municipality, Hitachi Zosen Inova and our valuable co-investors, we have conceived and engineered one of the most ambitious environmental projects in the Middle East and made it a reality."

Mubasher Contribution Time: 22-Jun-2021 07:09 (GMT)
Mubasher Last Update Time: 22-Jun-2021 07:09 (GMT)