Tribe acted as lead transaction and sole financial advisor to Dubai Municipality over a 3 year period up to financial close in June 2021, performing a pivotal role for Dubai Municipality in procuring and negotiating core transaction documents. It is the first large scale PPP project completed by Dubai Municipality.
The PFI awards, which are widely regarded as the most prestigious in the infrastructure finance industry, celebrate excellence and innovation in public-private partnerships. Warsan was selected as the winner of the Middle East & Africa category, beating out strong competition from across the region.
Commenting on the award, Tribe’s Head of Advisory James Cook commented “It’s not every day you are given the opportunity to lead a great team on a ‘world largest’ transaction, for a client who has never procured a project financing before. We thank Dubai Municipality, its project partners and the many advisors that made it possible. This is a thoroughly well-deserved result for all”.
The financing of the USD 1.2 billion project reached financial close in June 2021. The project is the world’s largest Waste to Energy project to be built in a single phase. When operational, it will have the capacity to process 1.9 million tonnes of municipal waste per year and generate 200 MW of electricity.
Warsan Waste to Energy is part of Dubai’s broader strategy to become a global leader in sustainable development, as outlined in the Dubai Clean Energy Strategy 2050. The strategy aims to generate 75% of Dubai’s total power output from clean energy by 2050, reducing the city’s carbon footprint.