Wednesday, Feb 27, 2013
By Summer Said
DUBAI--Abu Dhabi National Energy Co. (TAQA.AD) said Wednesday it has invited companies to submit qualifications to build the first waste-to-energy plant in the United Arab Emirates.
The project will receive about 1,000,000 tons of municipal solid waste a year and convert it into 100 megawatts of alternative energy, enough to power more than 20,000 households in Abu Dhabi, the firm, known as Taqa, said in a statement posted on the Abu Dhabi stock exchange.
Taqa will operate and finance the $850 million project, expected to begin operations by 2017, through a mix of equity and commercial debt. The engineering, procurement and construction contract is expected to be awarded in the fourth quarter of this year.
Taqa, which has energy operations in North America, Europe and the Middle East, owns assets and operations in North America, the Netherlands and the U.K., but the firm is trying to expand its reach in the Middle East and North Africa.
Write to Summer Said at summer.said@dowjones.com
(END) Dow Jones Newswires
27-02-13 1117GMT
