Dubai Waste Management Centre

Lead and Financial Advisor to Dubai Municipality for the Dubai Waste Management Centre – Advisor to Dubai Municipality on the procurement of the first project financed waste to energy project in the GCC.
July 31, 2021

The Dubai Waste Management Centre Project (“DWMC”) was procured as a design, build, finance, operate and maintain PPP project for a 1.9 million tonne per annum (200 MW) municipal solid waste to energy facility. The project is being co-developed by a consortium comprising Dubal Holding, ITOCHU Corporation, Hitachi Zosen Inova, BESIX Group, and Tech Group, as the project developers and joint venture partners in the project company. They appointed Besix and HZI to build the facility and provide the long-term operations and maintenance of the facility.

Client: Dubai Municipality

Enterprise Value: USD 1.1bn

Tribe Role:  Financial and commercial advisor to grantor

Financial Close: July 2021

Tribe was engaged as leaTribe was mandated by Dubai Municipality (“DM”) to lead the commercial and financial workstreams in the procurement of one of the largest municipal solid waste facilities globally.

Tribe’s mandate included:

  • financial modelling and development of project feasibility study;
  • assistance with management of other advisors, namely technical and legal;
  • development of appropriate commercial structure to ensure the bankability of the project;
  • drafting of key commercial and financial aspects of project documents, including the  concession agreement, power purchase agreement, and credit support agreement;
  • leading the negotiation of key agreements on behalf of Dubai Municipality and the Government of Dubai;
  • presentation of the Project to Dubai government stakeholders, including DEWA and the Dubai Department of Finance; and
  • advising Dubai Municipality and assisting it through the financing process, including all DM related Conditions Precedent.

The objective of the project was to structure and deliver a waste to energy facility to contribute to accomplishing the goals set by Dubai Municipality to minimse the volume of municipal waste in landfills and develop alternative energy sources as well as contribute to sustainable and eco-friendly waste management in the UAE and the targets outlined in the Dubai Clean Energy Strategy 2050, in line with United Nations Sustainable Development Goals.

This was successfully completed with achievement of financial close in July 2021.