Tribe Advisory is guiding its client, Dubai Municipality, on the landmark Dubai Strategic Sewerage Tunnels (DSST) project. The project has an estimated CAPEX of 30 billion (US$8 billion) and a total lifecycle cost of AED 80 billion.
The DSST will modernise Dubai’s sewerage system by transitioning from a pumped to a gravity-based system, decommissioning pump stations for greater sustainability.
The project includes 75 kilometres of deep wastewater tunnels, comprising:
Bur Dubai Deep Tunnel: 50 kilometres
Deira Deep Tunnel: 25 kilometres
Supporting infrastructure consists of 140 kilometres of link sewers and two major terminal pump stations. The tunnels will reach depths of up to 90 meters underground, ensuring efficient wastewater management across the city.
The DSST project, which will comprise 4 separate packages, is currently in the tender phase, with the first package planned to be awarded in late 2025.
Tribe Advisory’s Role
As the lead and financial advisor to Dubai Municipality, Tribe Advisory has played a pivotal role in the development of the DSST. Tribe’s responsibilities as lead and financial advisor span multiple critical areas, from overall project and programme management, stakeholder engagement and management, securing Government approvals and budget allocation from Department of Finance, business case development and ensuring the project’s alignment with strategic goals, financial feasibility, and stakeholder expectations.
Key contributions include:
Strategic Guidance: Tribe provided end-to-end strategic support, helping Dubai Municipality navigate complex contractual, financial, and operational frameworks while maintaining focus on long-term sustainability and cost efficiency.
Project and Programme Management: Tribe is managing other overall project procurement programme, comprising 4 individual project packages. Vrall management of the time line and advisory consortium delivarables
Feasibility Studies: Tribe conducted an in-depth feasibility study for the entire project, evaluating technical, financial, and operational aspects. This analysis identified challenges and opportunities, presenting clear insights to stakeholders on the project’s financial benefits, value for money and long-term viability.
Stakeholder Engagement: Tribe Advisory effectively communicated the project’s objectives, opportunities, and risks to key stakeholders, ensuring alignment across all parties involved.
Request for Qualification (RFQ) and Request for Proposal (RFP) Development: Tribe Advisory prepared the RFQ and reviewed submissions to ensure compliance and competitiveness from consortiums comprised of sponsors, EPC contractors and O&M contractors.
Pre-Qualification and Contractor Selection: Tribe Advisory developed comprehensive pre-qualification documents and facilitated the selection process for EPC contractors. These efforts led to the successful prequalification of contractors and developers, ensuring a pool of capable and experienced participants for the project.
James Cook, CEO, Tribe Advisory
“Our role in the DSST project highlights Tribe Advisory’s expertise in navigating complex financial and operational frameworks for large-scale infrastructure projects. By providing end-to-end advisory services, we have ensured that the project remains aligned with long-term sustainability goals while attracting significant global and regional investment interest.”
Peter McCreanor, CEO, Tribe Group “The Dubai Strategic Sewerage Tunnels project is a transformative initiative that embodies Dubai’s vision for sustainable urban development. As the lead advisor, Tribe is honoured to support Dubai Municipality in delivering innovative infrastructure solutions that set a benchmark for global best practices.”
Summary
The DSST aligns with Dubai’s long-term urban and sustainability goals, enhancing operational efficiency, reducing carbon emissions, and supporting population growth. The project is a PPP initiative with international consortiums managing operations under 25-35-year agreements.
About Tribe
Tribe Infrastructure Group is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
The Amiral Project, located in Jubail, Saudi Arabia, is a state-of-the-art petrochemical complex being developed and operated by the SATORP joint venture, owned by Saudi Aramco (62.5%) and TotalEnergies (37.5%). The integrated SATORP refinery is a core $11 billion project underscoring Saudi Arabia’s commitment to innovation in energy development.
Abu Dhabi National Energy Company PJSC (TAQA), together with JERA Co., Inc (JERA), will be developing, owning, financing and operating a new industrial steam (452 tonnes per hour (TPH)) and electricity (475MW) cogeneration plant that will produce electricity and steam for the Amiral petrochemical complex located in Jubail in the Eastern Province of the Kingdom.
Tribe Infrastructure Group (Tribe)served as the sole financial advisor to the consortium of TAQA (51%) and JERA (49%). The project is a critical component of the overall development, providing energy-efficient and reliable power and heat to support the operations of the petrochemical facility.
CHP, also known as cogeneration, is an energy-efficient system that simultaneously generates electricity and useful heat from the same energy source. By capturing and utilising the heat produced during electricity generation, CHP systems significantly enhance overall energy efficiency, supporting industrial operations with both power and thermal energy while reducing waste.
Construction of the CHP facility commenced in 2024, with commercial operations planned for 2027.
Noteworthy is the specific project-on-project structure whereby SATORP, as offtaker to the CHP project, is itself a project financed vehicle developing and operating the wider refinery activities. This has required a specific risk allocation and security package in order to enable project bankability at competitive financing terms.
Tribe’s Role
Tribe played a pivotal role in supporting the consortium’s successful financing structuring and implementation, with responsibilities spanning financing structuring, negotiation of financing agreements & terms, financial modelling, advice on bankability of project agreements, hedging structuring and implementation.
Financing Structuring
Tribe led the sourcing, structuring and negotiation of long term non-recourse debt arrangements including senior debt, working capital facility and VAT facility, through building of the bank group while optimising financing terms beneficial for the overall tariff competitiveness.
Negotiation of Financing Agreements
Tribe led the negotiation of the different Islamic finance-based project facilities with the support of the Sponsors/Lenders Legal Advisors, including execution of Istisna/Ijara senior debt, Murabaha VAT facility and developing working capital facility detailed termsheet.
Financial Modelling
Tribe developed and maintained a tailored financial model to meet tender and sponsor/procurer post-bid requirements up to financial close. This included conducting suites of sensitivity for the lenders and optimisation analyses for post bid sponsors negotiation with SATORP. Tribe also managed the financial model audit process as well as implementation of tax and accounting recommendations for other advisors.
Bankability of Project Agreements
Tribe acted as bridge between lenders and sponsors/SATORP during the negotiation of the final project agreements (power/steam offtake, EPC, O&M, wider security package) to ensure full bankability of the transaction, based on evolution of recent Aramco precedents for non-recourse project debt while adapting to the specific requirements due to the project-on-project deal structure.
Hedging
Tribe developed and implemented the USD SOFR hedging for the project, from negotiation with and alignment from MLA’s hedging participation to implementation and execution of interest rate SWAPs at financial close with market counterparties through market rate live competitive tender.
Pete McCreanor, CEO, Tribe Infrastructure Group “Our role in advising the consortium bidding for the Amiral CHP project reflects our expertise in delivering robust, tailored solutions for complex infrastructure bids. By integrating advanced financial modelling, risk-balanced advisory, and strategic project structuring, we ensured that the consortium presented a highly competitive bid aligned with Aramco’s technical and financial requirements.”
Nicolas Jarrosson, Director, Tribe Infrastructure Group “Tribe’s involvement in the Amiral CHP bid underscores our ability to navigate intricate financial and technical landscapes, providing the consortium with a comprehensive financing solution for success. From optimising financial financing strategies to delivering execution of financing agreements and hedging implementation, we worked closely with all stakeholders to meet the stringent requirements of a project that is integral to Saudi Arabia’s energy transition and industrial growth under Vision 2030.”
Summary
By delivering advanced full-fledged financial advisory services, Tribe ensured a competitive and bankable successful financial closing. This reflects Tribe’s expertise in enabling innovative, sustainable energy solutions for complex infrastructure projects.
About Tribe
Tribe Infrastructure Group is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
Located near the Al Dhafra landfill, the $600 million facility will process 900,000 tonnes of municipal solid waste annually, generating 80 MW of electricity—enough to power 52,500 households. By reducing carbon emissions by 1.1 million tonnes annually (equivalent to removing 240,000 cars from the road), the project significantly contributes to the UAE’s goal of diverting 75% of waste from landfills.
The facility will be developed, financed, constructed, operated, and maintained by a consortium comprising Japan’s Marubeni Corporation, Switzerland’s Hitachi Zosen Inova (HZI), the Japan Overseas Infrastructure Investment Corporation (JOIN) and Tadweer.
Construction is expected to take three years, with commercial operations commencing in 2027 under a 30-year concession agreement.
Tribe Advisory’s Role
Tribe Advisory served as the lead and financial advisor to EWEC and Tadweer, guiding the project from inception to financial close over three years. As the first WtE project procured under the EWEC model and the first of its kind in Abu Dhabi, the facility represents a significant milestone in the region’s sustainability efforts.
Tribe’s role encompassed the entire project lifecycle, including business case development, stakeholder alignment, regulatory navigation, project structuring and financial feasibility, tender development and implementation. This marks Tribe’s third successful WtE transaction in the GCC, following on from Dubai and Sharjah, further solidifying its position as a leader in the sector.
Key contributions included:
Business Case Development and Approvals:
Developed the initial business case and secured government approvals to advance the project.
Procurement Management:
Directed the procurement process using the principles of Abu Dhabi’s Law No. 2 of 1998 (IPP Law), successfully adapting it for the WtE sector.
In partnership with Ashurst, acting as legal advisor to the procurer, Tribe developed a bespoke ‘first of a kind’ contracting structure, whereby Tadweer and EWEC act as joint procurer, both entering into the Concession Agreement (on a joint and several basis) with the Project Company
Managed the tendering process, including engagement with Developers and Investors.
Stakeholder Coordination:
Facilitated collaboration between EWEC, Tadweer, Transco, EAD, ADEO, Department of Finance and numerous bidding consortium, ensuring alignment with Abu Dhabi’s sustainability objectives.
Award and Financial Close:
Oversaw the bid assessment and award process, culminating in a successful financial close in July 2024.
Secured investment for the project through a joint venture comprising Marubeni, HZI, and JOIN, with Tadweer holding a 60% government stake.
James Cook, CEO, Tribe Advisory “The Abu Dhabi Waste-to-Energy project showcases Tribe’s expertise in guiding complex infrastructure initiatives to success. Through our focused advisory approach, we have ensured a seamless alignment of financial, technical, and environmental objectives.”
Pete McCreanor, CEO, Tribe Group “This groundbreaking project reflects the power of strategic collaboration and innovation. Tribe is honored to have played a key role in delivering a solution that addresses Abu Dhabi’s waste management and clean energy goals while setting a benchmark for future WtE projects.”
Summary
The Abu Dhabi Waste-to-Energy facility marks a significant milestone in the UAE’s journey toward sustainability. By transitioning from landfills to incineration using advanced moving grate technology, the project aligns with the UAE’s goal of diverting 75% of waste from landfills. The facility will not only contribute to Abu Dhabi’s sustainability efforts but also serve as a model for future WtE initiatives in the GCC region.
About Tribe
Tribe Infrastructure Group (Tribe) is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe Infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
Tribe Advisory supports MiSK City in the development of the District Cooling Plant (DCP) in Riyadh, Saudi Arabia, a project aimed at delivering essential cooling infrastructure for MiSK City.
The project operates under a Design, Build, and Operate (DBO) contract and is being executed by a partnership between ADC Energy Systems and Dalkia KSA.
With a total capacity of 23,800 Tons of Refrigeration (TR), the plant will feature 18,000 TR centrifugal chillers and a Thermal Energy Storage (TES) system capable of storing 44,900 TR-hours and delivering up to 5,800 TR during peak discharge.
This initiative aligns with the vision of the Misk Foundation, a non-profit organization founded in 2011 by HRH Prince Mohammed Bin Salman Bin Abdulaziz. The foundation is dedicated to nurturing Saudi Arabia’s youth by fostering innovation and leadership across education, culture, the arts, and science.
Following successful financing and construction of the project, MiSK hosted the inauguration of the project on site on 10 May 2023.
Tribe Advisory’s Role
Tribe Advisory was appointed as the financial and commercial advisor and lead transaction advisor to DCP project. Tribe supported the project from concept through feasibility, procurement, and financial close, ensuring successful delivery.
Tribe’s responsibilities included:
Concept Development & Feasibility Study: Determined the appropriate facility size and procurement approach.
Advisor Management: Procured and managed technical and legal advisors.
Commercial Structuring: Developed a bankable commercial structure, adapting the model from BOT to DBO in response to market conditions.
Financial Modelling: Created financial models to support project decisions.
Document Development: Drafted commercial and financial aspects of project agreements.
Tender Management: Managed the entire procurement process: RFQ, RFP, clarifications, preferred bidder selection, and negotiations.
Negotiations: Represented MiSK City in key negotiations with project stakeholders.
Internal Approvals: Prepared reports and presentations for MiSK’s Steering and Investment Committees.
Business Plan Development: Drafted MiSK’s business plan for post-completion management and operations of the DCS.
Pete McCreanor, CEO, Tribe Infrastructure Group “This project demonstrates the critical role of innovative solutions in delivering sustainable infrastructure on time and under complex market conditions. Tribe is proud to have supported MiSK City in achieving their vision for a modern and efficient district cooling system.”
James Cook, CEO, Tribe Advisory “Tribe Advisory’s strategic and financial guidance allowed MiSK City to successfully deliver a time-sensitive district cooling project, adapted to the evolving needs of the market while maintaining long-term flexibility for future partnerships.”
About Tribe
Tribe Infrastructure Group (Tribe) is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe Infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
Sponsored by TotalEnergies, Masdar (Abu Dhabi Future Energy Company), and the Abu Dhabi Retirement Pensions & Benefits Fund, Shams Power is the first operational utility-scale CSP plant in the MENA region, underscoring the UAE’s leadership in clean energy innovation.
Tribe Infrastructure Group managed the refinancing process with a multi-phased approach, ensuring alignment with shareholder objectives and market conditions.
Tribe’s Role
Tribe employed a multi-phased approach to successfully manage the refinancing of Shams Power. This process—encompassing Market Sounding and Analysis, Recommendation and Strategy Development, Execution of Refinancing and Financial Optimisation, and Stakeholder Engagement—ensured alignment with shareholder objectives and market conditions while delivering a long-term financial solution.
Market Sounding and Analysis
Conducted a comprehensive review of project documents, financial models, and financing agreements to fully understand the project’s structure and financial standing.
Prepared and distributed teasers for market sounding, engaging with a wide range of potential lenders across banking and capital markets.
Collected and evaluated feedback from potential participants including banks, institutional investors and DCM desks, assessing key terms such as pricing, tenor, covenants, processes and intercreditor structures.
Compiled a comparative analysis of multiple feasible financing plans to guide effective decision-making.
Refreshed and updated analysis over time, taking into account changes due to the volatile interest rate environment.
Recommendation and Strategy Development
Used market insights to prepare a detailed Proposed Debt Financing and Hedging Report, offering tailored recommendations on refinancing strategies, hedging mechanisms, and potential finance providers.
Identified and mitigated execution risks while ensuring proposed solutions were bankable and beneficial to Shams Power and its shareholders.
Highlighted the anticipated impacts of refinancing on cash flow, earnings, and other shareholder metrics.
Execution of Refinancing and Financial Optimization
Negotiated favourable fixed margins based on Shams Power’s strong operational history to secure advantageous terms.
Designed alongside legal counsel the transaction steps involved with executing an Amendment and Restatement of the existing facilities, allowing for an orderly transfer of exiting lenders’ exposures and onboarding of new lenders into the process.
Transitioned existing loan and hedges from LIBOR to SOFR as part of Amendment & Restatement process
Restructured interest rate swaps taking into account the requirements of new and existing lenders as well as the optimal cashflow and earnings impacts for Shareholders.
Completely replaced financial model with a new operational model integrated with Shams Power’s systems allowing the Company to streamline reporting, forecasting, and integration of historical data via one bespoke tool.
Pete McCreanor, CEO, Tribe Infrastructure Group “This successful refinancing of Shams Power highlights our commitment to delivering tailored financial solutions that align with our clients’ strategic goals. Shams is a landmark renewable energy project, and we are proud to have played a pivotal role in its journey towards long-term value creation and sustainability leadership.”
Chris Patt, Executive Director, Tribe Infrastructure Group “Our work on the Shams refinancing demonstrates Tribe’s ability to navigate complex financial landscapes while presenting a range of innovative solutions. By aligning our clients’ objectives with the various identified refinancing options, we ensured an efficient, future-proof refinancing structure that strengthens Shams Power’s position as a regional renewable energy pioneer.”
Summary
Tribe successfully guided Shams through the entire refinancing process, leveraging a blend of market expertise, stakeholder collaboration, and financial restructuring to deliver a solution that maximised shareholder value while ensuring long-term project viability.
About Tribe
Tribe Infrastructure Group (Tribe) is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe Infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market..
This project marks a significant milestone for both partners: Jinko Power’s first venture in Oman and Sembcorp’s inaugural renewable energy project in the Middle East while possessing over a decade of experience in Oman through its 40% stake in the Salalah Independent Water and Power Plant.
Awarded by Oman Power and Water Procurement Company (OPWP), which has recently been rebranded as Nama Power and Water Procurement (Nama PWP), through a competitive bidding process in September 2023, the project is set to begin operations by 2025 and will be supported by a 20-year power purchase agreement with Nama PWP.
The solar plant will be located in an undeveloped area approximately 30 km south of Manah, 180 km from Muscat International Airport, and 350 km from Port of Sohar. The 680-hectare site, located 340–350 meters above sea level, will necessitate the construction of ancillary access roads to ensure connectivity.
Tribe Infrastructure Group’s Role
Tribe provided comprehensive financial and commercial services throughout the entire transaction process, from the bidding phase through to financial close. Services included:
Bid Plan and Project Document Review
Review of the RFP and provision of recommendations for optimisation within the bid framework.
Review of all Project Documents, suggesting improvements from a Sponsor perspective as well as ensuring their bankability and alignment with lender and Export Credit Agency (ECA) expectations.
Suggesting and managing the clarifications process from a commercial standpoint.
Financial Modelling and Scenario Analysis
Development of a robust, bespoke financial model meeting the requirements of Lenders and Sponsors.
Performing valuation and optimisation in order to submit the most competitive bid while respecting all the requirements of both individual Sponsors.
Preparation of investment committee presentations and all required analysis to articulate financing strategies and sensitivities to market and operational changes.
Debt Raising
Securing committed debt financing to support the bid, in an amount and variety well in excess of bid compliance requirements, allowing Sponsors to choose from multiple potential financing plans.
Negotiation of financing term sheets and commitment letters with a broad range of potential lenders.
Coordinating the process of pre-bid due diligence and credit approval.
Financial Closing
Final debt structuring and comparison of options, including with respect to the overall financing structure as well as optimal mix of currencies.
Delivery of the final financing structure, being a blend of uncovered financing in Omani Rials alongside a USD-denominated ECA-covered tranche with different tenors and amortisation profiles.
Coordination of the due diligence, approval process and closing process of the lenders and the ECA.
Negotiation of the financing documentation relevant to both tranches including structuring of the various intercreditor issues.
Advising on the hedging strategy in view of interest rate exposure between PPA signature and Financial Close.
Pete McCreanor, CEO, Tribe Infrastructure Group “The Manah II Solar project represents a landmark opportunity to support Oman’s ambitious renewable energy goals while leveraging Tribe Group’s expertise in financial and transactional advisory services. We are proud to partner with Sembcorp Utilities and Jinko Power on this transformative project, which underscores our commitment to advancing clean energy infrastructure in the region.”
Chris Patt, Executive Director, Tribe Infrastructure Group “Our role in the Manah II Solar PV project highlights Tribe’s capability to manage complex transactions and deliver innovative financing structures. We are happy to have contributed to the success of a project which continues the impressive commitment of Oman to sustainable energy.”
Summary
The project underscores the latest step in Oman’s renewable energy ambitions and is anticipated to contribute substantially to the region’s clean energy infrastructure.
About Tribe
Tribe Infrastructure Group is focused on realising national ambitions through innovative financing and development of critical infrastructure.
Headquartered at the Abu Dhabi and with offices in London, Riyadh, Manila and Sydney, Tribe operates as an independent and agile partner, strongly grounded in responsible value creation.
Tribe Advisory is the proprietary financial services arm of Tribe infrastructure Group. Tribe Advisory holds a category 4 licence and is supervised and regulated by the Financial Services Regulatory Authority at the Abu Dhabi Global Market.y 2018.
