Sharjah Waste to Energy Project

The Sharjah Waste to Energy Project (SW2E) was structured as a design, build, finance, operate and maintain PPP project for a 300,000 tonne per annum municipal solid waste to energy facility. The project is being co-developed by Masdar (Abu Dhabi Future Energy Company) and Bee’ah (Sharjah Environmental Company), as the project developers and joint venture partners in the project company. They appointed CNIM the French waste to energy experts for the design and build in addition to the the long-term operations and maintenance of the facility.
March 18, 2018

Client: Masdar

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.