Enterprise Value: USD 220m
Tribe Role: Financial and Commercial Advisor
Financial close: July 2018
Tribe was engaged as financial and commercial advisor to Masdar (a joint project sponsor) for the full duration of the project, from concept stage, through feasibility study, procurement and up to financial close.
Tribe was mandated by Masdar to assist with commercial and financial aspects of developing the first municipal solid waste facility in the UAE. Tribe’s mandate included:
- Initial concept development and feasibility study, including determination of the appropriate size of facility and technology selection
- Assistance with management of other advisors, including technical, legal, environmental and insurance advisors;
- Development of appropriate commercial structure to ensure the bankability of the project;
- Financial modelling and business case development;
- Drafting of key commercial and financial aspects of project documents, including the waste supply agreement, power purchase agreement, and design, build and operate agreement;
- Representing Masdar in the negotiation of key agreements with counterparties;
- Representing Masdar in negotiation of the financing agreements with lenders, and interfacing with the lender’s advisors (lenders technical, legal and insurance advisors); and
- Assisting the Masdar Project Manager with reports and presentations required for internal approval at Steering Committee and Investment Committee level.
The objective of the project was to structure and deliver the first waste to energy facility in the UAE, and the first project financed waste to energy facility in the Middle East
This was successfully completed with signing of the finance documents in July 2018.