Sharjah Waste To Energy Project
The Sharjah waste-to-energy (WtE) project is the first WtE scheme to be financed in the Gulf region as the Gulf states move away from landfills to more environmentally friendly disposal solutions. The project, led by UAE clean energy firms Masdar and Bee’ah, helped Sharjah reach its zero waste to landfill target by 2020 and contributed to the UAE’s 2021 goal of diverting 75% of solid waste from landfill. ICIEC provided cover for the project’s construction financing, working in partnership with fellow financial institutions SMBC, Siemens Bank, Abu Dhabi Commercial Bank, Abu Dhabi Fund for Development and Standard Chartered. For its contribution to the project, ICIEC was awarded a 2018 Project Finance International Award for Middle East Clean Energy Deal of the Year.