Global renewable energy company Masdar has made its first Australian investment, after acquiring a 40 per cent stake in Western Australia’s East Rockingham Resource Recovery Facility.
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.
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said extending Masdar’s reach into Australia is an exciting step forward for the company’s clean energy operations..
“The problem of dealing with everyday waste is a global challenge, with more than two billion tonnes of municipal solid waste generated each year. To this end, we are proud to be helping the state of Western Australia to deliver clean sources of power generation and sustainably manage its municipal solid waste,” Mr Al Ramahi said.
“The Australian waste-to-energy sector provides excellent commercial potential in the long-term.”
Tribe Infrastructure Group Chief Executive Officer Peter McCreanor said he looks forward to delivering clean energy infrastructure to Australia.
“This is just the first of numerous such development projects we’re working on, and our partnership with Masdar is an integral part of our strategy for Australia,” he said.
“We are proud to have played a leading role in the development and financing of the East Rockingham Recourse Recovery Facility, assembling a world-class team to deliver this important project for Western Australia.”
The $551 million facility reached financial close 23 December 2019 with support from a $18 million grant from the Australian Renewable Energy Agency, and $57.5 million in subordinated debt from the Clean Energy Finance Corporation.
The facilities development consortium includes Hitachi Zosen INOVA, John Laing Investments and Acciona Concesiones.
When complete, the facility will process 300,000 tonnes of non-recyclable municipal, commercial and industrial waste and up to 30,000 tonnes of biosolids per year.