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ABU DHABI / WAM
Masdar, a subsidiary of Mubadala Investment Company, has made its first investment in Australia after acquiring a 40 percent stake in the country’s second utility-scale waste-to-energy (WTE), facility, the company announced on Tuesday at Abu Dhabi Sustainability Week (ADSW 2020).
Under the terms of the investment, Masdar and Abu Dhabi advisory and development firm Tribe Infrastructure Group have invested in the waste-to-energy project via their Abu Dhabi Global Market-based joint venture holding company, Masdar Tribe Energy Holdings Limited.
Financial close on the A$511 million greenfield East Rockingham Resource Recovery Facility, which will be located in the Rockingham Industry Zone, 40km south of Perth in Western Australia, was achieved on December 23 2019, and construction has already started.
When completed, the East Rockingham Resource Recovery Facility will process 300,000 tonnes per year of non-recyclable municipal, commercial and industrial waste and up to 30,000 tonnes of biosolids per year.
The facility will also recover approximately 70,000 TPA of bottom ash, which will be processed for use in road bases and other construction materials. The WTE facility will generate 29 megawatts (MW), of baseload renewable energy, enough to power more than 36,000 homes, and displace more than 300,000 tonnes of CO2 emissions per year.
Equity investors in the project also include UK company John Laing Investments, alongside Acciona Concesiones and Hitachi Zosen INOVA, HZI.
Financing of project was supported by an A$18 million grant from the Australian Renewable Energy Agency, and A$57.5 million in subordinated debt from Australian government’s Clean Energy Finance Corporation.
“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,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Masdar’s investments reached $14 billion
The CEO of Masdar said in a statement on the sidelines of the World Future Energy Summit that the company’s total investments in over 30 countries total $14 billion.
Abu Dhabi Future Energy Company, better known as Masdar, aims to launch renewable energy projects around the world, invest in the US and find opportunities for growth in that promising market, as well as enhance its presence in Europe and East Asia, he said.
In a press statement made on the sidelines of the World Future Energy Summit at Abu Dhabi Sustainability Week, the Masdar CEO said that the company aims to increase its investment in Egypt and expand into US market, the second-largest renewable energy market in the world after China, where the company aims to double its investment.