ITOCHU Corporation announced that Dubai Waste Management Company P.S.C. (“DWMC”), a newly established project company, whose shareholders are ITOCHU, Dubai Holding LLC , DUBAL Holding LLC, Hitachi Zosen Inova AG, NV Besix SA and Tech Group, entered into a project finance loan agreement on March 28 for a total amount of around 900 million USD with Japan Bank for International Cooperation and private financial institutions including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Société Générale etc, KfW IPEX Bank GmbH etc. Nippon Export and Investment Insurance (NEXI) will provide the insurance for a part of the loan by the private financial institutions. (Photo quoted from ITOCHU’s website=Expected view of the EfW in Dubai)
This project, on a build, operate, and transfer basis with a 35-year operation period with Dubai Municipality, is the first of its kind in Dubai and will be one of the largest Energy-from-Waste (“EfW”) projects in the world. ITOCHU, through its subsidiaries, holds a 20% stake in DWMC, which last December undertook the concession with Dubai Municipality, who are overseeing the waste management in the Emirate of Dubai, the United Arab Emirates (“UAE”).
Located 15km east of downtown Dubai, the facility will treat 5,666 tons of municipal solid waste from the Dubai area per day, making a total of 1,900,000 tons a year that will be converted into renewable energy. The approximate 200 MW of electricity generated will be fed into the local grid as baseload energy.
In line with the UN Sustainable Development Goals (SDGs), the facility will contribute to reaching the goals set by Dubai Municipality in minimizing the volume of municipal waste in landfills and developing alternative energy sources as well as contribute to sustainable and ecologically friendly waste management in the Emirate and the targets outlined in the Dubai Clean Energy Strategy 2050.
In the United Kingdom, ITOCHU is involved as a developer, investor, and operator in 4 energy-from-waste projects for municipal governments. In aggregate, these projects treat around 1.3 million tonnes of waste annually, accounting for roughly 15% of the UK's waste incineration market and generating enough electricity to power 160,000 British households. Currently, in the Central European country of Serbia, we are working with the government, international financial institutions, and other partners to advance initiatives aimed at solving some of the region's biggest environmental and social problems. Furthermore, ITOCHU has taken a new step toward the hazardous waste management services by acquiring a 20% stake in Environmental Development Company (EDCO) who provides such services including transportation, treatment and final disposal in Jubail Industrial City, Saudi Arabia last November.
(IRuniverse)
