Construction of the facility is expected to take 35 months.
by Kudakwashe MuzoriwaMubadala Investment Company’s Masdar has acquired a 40 per cent stake in Australia’s second utility-scale waste-to-energy facility, the renewable energy company’s first investment in the country.
In a statement, Masdar said that financial close on the $352 million AUD 511 million greenfield East Rockingham Resource Recovery Facility, which will be located in the Western Australia town of Perth was achieved in December 2019 and construction has already started.
Financing of the project was supported by an AUD 18 million grant from the Australian Renewable Energy Agency and AUD 57.5 million in subordinated debt from the Australian government’s Clean Energy Finance Corporation.
Mohamed Jameel Al Ramahi, the Chief Executive Officer of Masdar, said, “Extending our reach into Australia is an exciting step forward for Masdar’s clean energy operations and our efforts to expand the company’s global renewable energy portfolio, which now encompasses more than 30 countries.”
Equity investors in the project also include UK company John Laing Investments, alongside Acciona Concesiones and Hitachi Zosen Inova.
The East Rockingham Resource Recovery Facility is the second waste-to-energy project that Masdar is involved in. In 2017, Masdar and UAE’s Bee’ah partnered to develop the Sharjah Waste-to-Energy Facility, which will divert more than 300,000 tonnes of municipal waste away from landfill sites each year when it begins operations in 2021.
Construction of the facility is expected to take 35 months and the facility is slated to begin operations by the end of 2022.
The facility will recover approximately 70,000 TPA of bottom ash, which will be processed for use in road bases and other construction materials while generating 29MW of baseload renewable energy, enough to power more than 36,000 homes.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
UBS investment bank job cuts reach Europe
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
