Veolia and partners reach financial close for the largest hazardous waste treatment facilities in the Middle East

Veolia and partners reach financial close for the largest hazardous waste treatment facilities in the Middle East

Veolia and its consortium partners have started operating the two hazardous waste centers in the Al Ruwais industrial city, with a combined annual capacity of around 70,000 metric tons.

Abu Dhabi: The consortium of Veolia, ADQ, an Abu Dhabi-based investment and holding company, and Vision Invest, has satisfied all conditions and regulatory approvals and reached financial close for the acquisition of two hazardous industrial waste treatment plants in Al Ruwais Industrial City, UAE, from ADNOC Refining. The conditional agreement for this transaction was signed between the parties in November 2022. The two hazardous industrial waste treatment plants have now been handed over to the consortium from ADNOC Refining.

With an annual capacity of nearly 70,000 tonnes, Veolia and its partners, ADQ and Vision Invest, will treat the hazardous industrial waste of Abu Dhabi’s biggest industrial complex in Al Ruwais, which includes the largest oil refinery in the Middle East.

The acquisition of plants was financed through a combination of equity and long term non-recourse project finance debt with completion contingent interest rate hedges put in place last November. Natixis and Arab Petroleum Investments Corporation (APICORP) acted as the Lead MLAs and Structuring Banks. J.P. Morgan and Natixis acted as the Contingent Hedge and