Tadweer acquires 'Waste-to-Energy' stake from Masdar
ABU DHABI (WAM)Abu Dhabi Future Energy Company PJSC – Masdar, one of the world's leading renewable energy companies, Wednesday announced the divestment of its stake, subject to customary closing conditions, in the Sharjah Waste-to-Energy plant to Tadweer Group, a leader in unlocking the value of waste.The move also brings Tadweer Group together with BEEAH, the region's sustainability and innovation pioneer, as joint venture partners in the Emirates Waste-to-Energy company, which owns and operates the Sharjah Waste-to-Energy plant.The acquisition by Tadweer Group of Masdar's stake is a strategic decision to allow the two organisations to focus on their respective core business strategies. Masdar is continuing to ramp up its clean energy capacity, while Tadweer Group is focusing on its UAE operations and international expansion to support its ambitions to become an international leader in sustainably unlocking the value of waste.Tadweer Group and BEEAH will now synergise their waste management expertise for the sustainable operations of the Sharjah Waste-to-Energy plant, while paving the way for future projects through their Emirates Waste-to-Energy joint venture.The Sharjah Waste-to-Energy project was inaugurated in 2022 under the Emirates Waste-to-Energy company as the first commercial-scale waste-to-energy plant in the Middle East. It plays a vital role in diverting waste from landfills and converting it into electricity, supporting the UAE's broader sustainability objectives.Through the Emirates Waste-to-Energy joint venture, BEEAH and Tadweer will jointly own and operate the plant, including going forward with plans to increase its power output from 30 MW to 60 MW, while doubling processing capacity for hard-to-recycle waste and displacing twice the volume of emissions.Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, 'We are proud of the impact this project has had within the UAE, and we extend our sincere thanks to BEEAH for their valued partnership since the inception of our Emirates Waste-to-Energy joint venture."As we transfer our stake, we are confident that Tadweer and BEEAH will continue to advance the project with strong leadership and a clear strategic vision.'Ali Al Dhaheri, Managing Director and Chief Executive Officer of Tadweer Group, said, 'Acquiring this high-performing asset will further enhance Tadweer Group's capabilities and support the UAE's ambition to become a global leader in sustainable waste management and energy conversion. We look forward to working with BEEAH to build on the strong foundations it has laid working alongside Masdar.'Khaled Al Huraimel, Group CEO of BEEAH Group, said, 'We thank Masdar for having partnered with us in the Emirates Waste-to-Energy joint venture and their support on the Sharjah Waste-to-Energy Plant, our inaugural, groundbreaking project. We look forward to further building on these accomplishments alongside Tadweer Group as a joint venture partner, marking a new chapter of growth and waste-to-energy innovation for the nation and the region.'The finalisation of this agreement underscores the partners' commitment to advancing the UAE's sustainability agenda. The organisations will continue to collaborate on innovative initiatives within the clean and renewable energy sector, reinforcing the nation's role in driving the global energy transformation and contributing to a more sustainable future.
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