Home UAE Abu Dhabi Veolia-led consortium secures funding for hazardous waste treatment plant Veolia will lead the waste management operations, leveraging its comprehensive expertise in hazardous waste treatment chain by Gulf Business June 14, 2023 Image credit: ERIC PIERMONT/ Getty Images Veolia Group (Veolia), ADQ and Vision Invest have secured regulatory approvals and achieved financial close for the acquisition of two hazardous industrial waste treatment plants from ADNOC Refining. The conditional agreement for this transaction was signed between the parties in November 2022. The 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, APICORP and J.P. Morgan acted as the lead MLAs, structuring banks and contingent hedge and hedge providers on the deal. Viola leads operations As a pioneer and leading provider of hazardous waste management solutions in the Middle East, Veolia will lead the waste management operations in Al Ruwais, leveraging its comprehensive expertise covering the entire hazardous waste treatment chain. Veolia will have 50.1 per cent participation in the operating company alongside Vision Invest (24.95 per cent) and ADQ (24.95 per cent). The solutions developed by Veolia will specifically focus on maximizing the resource recovery (water and oil) from the oil and gas hazardous waste to reuse them in nearby industrial plants, setting up an innovative circular economy and local energy loops. The consortium will also significantly expand the existing solar farm to produce more locally sourced green energy. Read: ADQ, Veolia, Vision Invest acquire ADNOC Refining’s waste management operations Tags ADNOC Refining ADQ Sustainability Vision Invest 0 Comments You might also like Wizz Air Abu Dhabi carries 3 million passengers in 2023 ADQ, Azerbaijan Investment Holding form joint investment platform Here are 5 key takeaways from the COP28 climate summit Mashreq launches ‘nature friendly’ savings account