East Rockingham WtE Project

The fact that Australia’s first two utility-scale energy from waste (EfW) projects to achieve financial close are just a few kilometres apart on the outskirts of Perth is no coincidence. It’s the product of years of hard work from many different actors whose contributions are already delivering benefits to the development of the sector across Australia. Edward Nicholas, Executive Director with Abu Dhabi-based Tribe Infrastructure Group, one of the developers of the A$511m East Rockingham Waste to Energy Project, explains.

The next step forward for EfW in Australia

The East Rockingham WTE project is a 300,000 tonne-per-annum energy from waste facility under construction in the Rockingham Industry Zone in the south of Perth. ​​ On​​ completion, the facility will deliver a cost-effective waste treatment solution and a vital source of dispatchable renewable energy, whilst achieving a 96% diversion of residual waste from landfill.

With a capital stack comprising best-in-class sponsors (Masdar Tribe Energy, John Laing, Acciona Concesiones and Hitachi Zosen Inova), market-leading senior lenders (NAB, SMBC, ABN AMRO, KfW-IPEX and Mizuho), the Australian Commonwealth Government (CEFC and ARENA), a leading waste management partner and operator in SUEZ and construction by Acciona and HZI, East Rockingham WTE is already serving as an important catalyst for future EfW development in Australia.

The transaction involved numerous “firsts”, chief among which was the “waste arising” contract structure for the critical waste supply agreements with local government authorities, described further later. ​​ Equally important was the capital structure innovation harnessed by developers and financiers to bring in a late stage subordinated debt tranche from CEFC and ensure the deal got to close inside calendar 2019. ​​

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The East Rockingham WTE project is a 300,000 tonne-per-annum energy from waste facility under construction in the Rockingham Industry Zone in the south of Perth. ​​ On​​ completion, the facility will deliver a cost-effective waste treatment solution and a vital source of dispatchable renewable energy, whilst achieving a 96% diversion of residual waste from landfill.

Prior to Financial Close

− ​​ ​​ ​​​​ Hitachi Zosen Inova AG (HZI)
− ​​ ​​ ​​​​ New Energy Corporation Pty Ltd (New Energy)
− ​​ ​​ ​​​​ Tribe​​ Infrastructure Group (Tribe)

1st​​ development deal for HZI

From Financial CloseA$128m commitment

− ​​ ​​ ​​​​ Masdar Tribe Energy (40%)
− ​​ ​​ ​​​​ John Laing Investments (40%)
− ​​ ​​ ​​​​ Acciona Concesiones (10%)
− ​​ ​​ ​​​​ HZI (10%)

1st​​ investment in​​ Australia​​ 
for Masdar​​ 

 

A$307m 5-year
hard mini-perm
senior facility

− ​​ ​​ ​​​​ Structuring Banks & Mandated Lead Arrangers: SMBC and NAB
− ​​ ​​ ​​​​ MLAs: ABN AMRO, KfW-IPEX and Mizuho

1st​​ Australian bank into an​​ EfW deal

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