Refinancing of Sharjah
Waste-to-Energy Facility
CLIENT
Sharjah Waste to Energy Company
LOCATION
Sharjah, UAE
DATE
2018
VALUE
USD 155 million
SERVICES PROVIDED
Sole Financial Advisor
Tribe served as the financial advisor for the refinancing of Sharjah’s state-of-the-art waste-to-energy (WtE) plant developed by Masdar and BEEAH.
Tribe served as the financial advisor for the refinancing of Sharjah’s state-of-the-art waste-to-energy (WtE) plant developed by Masdar and BEEAH.
Adjacent to BEEAH’s Material Recovery Facility, the plant processes up to 328,000 tonnes of municipal waste annually, diverting over 300,000 tonnes from landfills and contributing to Sharjah’s zero-waste goals.
Using advanced multi-fuel technology, it generates 30 MW of electricity, directly powering Sharjah’s grid.
Since operations began in 2023, the facility, operated by a joint venture including Veolia, has processed 500,000 tonnes of waste, showcasing Veolia’s global expertise in waste-to-energy operations and maintenance.
TRIBE ADVISORY'S ROLE
Tribe Advisory served as the sole financial advisor for the successful refinancing of the Sharjah Waste-to-Energy Facility, sponsored by Masdar and Bee’ah.
With the project facing challenges due to delayed construction and the impending expiration of its soft mini-perm debt structure, Tribe developed and executed a comprehensive refinancing strategy, ensuring the project's long-term financial sustainability while navigating tight deadlines.
Through Tribe’s leadership, the refinancing successfully raised $155 million in senior debt, securing the financial stability of the Sharjah Waste-to-Energy Facility. This outcome demonstrates Tribe’s ability to deliver tailored financial solutions under complex circumstances, further solidifying its reputation as a trusted advisor in the infrastructure and energy sectors.
Addressing Debt Challenges
Refinanced the project’s senior debt to mitigate the punitive conditions of the expiring mini-perm structure, including higher interest rates and cash sweeps.
Negotiated waivers with existing lenders to address technical defaults arising from construction delays caused by the bankruptcy of the EPC contractor, CNIM.
Financial Modelling and Strategy
Built a new financial model to reflect the project’s updated operational and financial position. Managed the model audit process to ensure accuracy and lender confidence.
Advised sponsors on the overall refinancing strategy, conducting market sounding, identifying potential lenders, and ensuring alignment with project goals.
Lender Coordination and Negotiations
Led lender negotiations, coordinating due diligence efforts with legal and technical advisors.
Developed and implemented the transaction process flow, ensuring seamless drafting and execution of financing and hedging documentation.
Stakeholder Engagement and Approvals
Prepared board and investment committee materials, securing internal approvals for the refinancing strategy.
Provided regular updates to lenders and sponsors, ensuring transparent communication throughout the process.4.5
© Tribe Infrastructure Group.
Tribe Infrastructure Limited is regulated by the ADGM Financial Services Regulatory Authority. For further information please refer to 'Terms & Conditions.
Social