Veolia-led consortium gets funding to buy waste treatment plants from ADNOC Refining

Veolia-led consortium gets funding to buy waste treatment plants from ADNOC Refining

A consortium of Abu Dhabi-based investment holding company ADQ, French utility company Veolia, and Saudi Arabia's Vision Invest, has 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.

Veolia will have 50.1% participation in the operating company alongside Vision Invest (24.95%) and ADQ (24.95%), a statement from Veolia on Wednesday said.

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 mandated lead arrangers and structuring banks. J.P. Morgan and Natixis acted as the contingent hedge and hedge providers.

(Writing by Brinda Darasha; editing by Daniel Luiz)

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