![Standard Chartered finances Abu Dhabi’s first waste-to-energy plant Standard Chartered finances Abu Dhabi’s first waste-to-energy plant](https://mea-finance.com/wp-content/uploads/2023/09/Standard-Chartered-sells-business-in-Zimbabwe-696x465.jpg)
Standard Chartered said on Wednesday that it has successfully financed Abu Dhabi’s first large-scale waste-to-energy Project.
The venture, jointly procured by Tadweer Group and Emirates Water and Electricity Company, will be developed in collaboration with an international consortium including Marubeni, Hitachi Zosen Inova (HZI) and Japan Overseas Investment Corporation for Transport & Urban Development (JOIN).
Standard Chartered played a pivotal role in the project from its inception, supporting the Japanese consortium comprising Marubeni, HZI, and JOIN. The bank acted as the sole senior debt underwriter from the pre-bid stage and successfully syndicated the financing post-award, attracting both local and international banks.
The financing received overwhelming interest and was significantly oversubscribed, reflecting strong confidence in the project’s viability and alignment with global sustainability goals. The diverse mix of lenders enhances the project’s financial robustness and credibility.
“We are delighted to spearhead the financing for Abu Dhabi’s first waste-to-energy project. This initiative demonstrates our commitment to supporting the UAE’s sustainability goals by converting waste into energy and generating low-carbon solutions. We are proud to be part of the country’s journey towards achieving the 2050 Net Zero objective,” said Rola Abu Manneh, CEO of Standard Chartered UAE, Middle East, and Pakistan.
The bank’s extensive involvement included roles such as pre-bid lead bank, documentation bank, book runner, initial mandated lead arranger, green loan coordinator for Tadweer Group’s inaugural green financing, hedging bank and sole VAT lender.
The financing will also be classified as a green loan, a key milestone for the project, underscoring the bank’s dedication to its successful execution and sustainability of the project.