Abu Dhabi Future Energy Company PJSC – Masdar, recognized as one of the world’s leading renewable energy firms, has announced the divestment of its stake in the Sharjah Waste-to-Energy plant to Tadweer Group, a frontrunner in unlocking the value of waste. This divestment is subject to customary closing conditions, the Emirates News Agency (WAM) reported.
This strategic move also unites Tadweer Group with BEEAH, a prominent sustainability and digitalization organization, as joint venture partners in the Emirates Waste-to-Energy company, which owns and operates the Sharjah Waste-to-Energy plant.
The acquisition of Masdar’s stake by Tadweer Group represents a deliberate decision that allows both organizations to concentrate on their respective core business strategies. Masdar continues to enhance its clean energy capacity, while Tadweer Group is directing its efforts toward strengthening its UAE operations and pursuing international expansion to fulfill its ambitions of becoming a global leader in sustainably unlocking the value of waste.
Tadweer Group and BEEAH will now combine their waste management expertise to ensure sustainable operations at the Sharjah Waste-to-Energy plant, while also laying the groundwork for future projects through their Emirates Waste-to-Energy joint venture.
Inaugurated in 2022 under the Emirates Waste-to-Energy company, the Sharjah Waste-to-Energy project stands as the first commercial-scale waste-to-energy plant in the Middle East. It plays an essential role in diverting waste from landfills and converting it into electricity, thereby supporting the UAE’s broader sustainability objectives.
Through the Emirates Waste-to-Energy joint venture, BEEAH and Tadweer will jointly own and operate the plant, which includes plans to boost its power output from 30 MW to 60 MW, while doubling processing capacity for hard-to-recycle waste and displacing twice the volume of emissions.
Advancing UAE’s role in global energy transformation
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, stated, “We are proud of the impact this project has had within the UAE, and we extend our sincere thanks to BEEAH for their valued partnership since the inception of our Emirates Waste-to-Energy joint venture. As we transfer our stake, we are confident that Tadweer and BEEAH will continue to advance the project with strong leadership and a clear strategic vision.”
Ali Al Dhaheri, managing director and chief executive officer of Tadweer Group, commented, “Acquiring this high-performing asset will further enhance Tadweer Group’s capabilities and support the UAE’s ambition to become a global leader in sustainable waste management and energy conversion. We look forward to working with BEEAH to build on the strong foundations it has laid working alongside Masdar.”
Khaled Al Huraimel, group CEO of BEEAH Group, expressed, “We thank Masdar for having partnered with us in the Emirates Waste-to-Energy joint venture and their support on the Sharjah Waste-to-Energy Plant, our inaugural, groundbreaking project. We look forward to further building on these accomplishments alongside Tadweer Group as a joint venture partner, marking a new chapter of growth and waste-to-energy innovation for the nation and the region.”
The finalization of this agreement underscores the partners’ commitment to advancing the UAE’s sustainability agenda. The organizations will continue to collaborate on innovative initiatives within the clean and renewable energy sector, reinforcing the nation’s role in driving global energy transformation and contributing to a more sustainable future.
Masdar issues additional $1 billion green bond
In May 2025, Masdar disclosed the issuance of an additional $1 billion green bond, raising the total outstanding under its green bond program to $2.75 billion and solidifying the company’s position as a global leader in sustainable finance.
The bond was issued in two equal tranches of $500 million, featuring tenors of 5 and 10 years, with coupons set at 4.875 percent and 5.375 percent, respectively, according to a statement.
The issuance received significant oversubscription, achieving a peak order book of $6.6 billion, driven by robust demand from both regional and international investors, including specialized green funds. The spreads over US Treasuries were recorded at 80 basis points for the 5-year tranche and 90 basis points for the 10-year, showcasing the most competitive pricing achieved on Masdar’s issuances to date. The final allocation comprised 85 percent for international investors and 15 percent for MENA investors.
Masdar is widely recognized as a frontrunner in sustainable finance, having completed successive green bond issuances of $750 million and $1 billion in 2023 and 2024, respectively. These funds have been fully directed toward new greenfield projects in both developed and developing economies. The company’s green bond program is further supported by its financing activities, which in 2024 included the issuance of $6 billion in non-recourse financing aimed at developing more than 11 gigawatts (GW) of clean energy capacity across 12 new projects in nine countries.
Updated Green Finance Framework expands eligibility
Masdar updated its Green Finance Framework in March this year, expanding the eligibility criteria to include green hydrogen and standalone battery storage projects. Moody’s reaffirmed its Sustainability Quality Score of SQS1 (Excellent), the highest possible rating, for the updated framework in April.
In accordance with Masdar’s corporate credit ratings, the company’s third bond issuance received ratings of AA- from Fitch and A1 from Moody’s. The joint lead managers and bookrunners for the issuance included First Abu Dhabi Bank, Abu Dhabi Commercial Bank, J.P. Morgan, ING, Intesa Sanpaolo, Bank of China, DBS Bank, BNP Paribas, and Crédit Agricole.
