Mubasher TV
Contact Us Advertising   العربية

TAQA, EWEC price first green bonds for UAE solar plant

TAQA, EWEC price first green bonds for UAE solar plant
Photo Archive
TAQA
TAQA
0.30% 3.33 0.01

Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) and Emirates Water and Electricity Company (EWEC) have announced the pricing of green senior secured bonds for an aggregate principal amount of $700.8 million (AED 2.6 billion).

The green bonds are the first of their kind linked to a solar plant, as they aim to refinance existing debt facilities of Sweihan PV Power Company (SPPC), according to a press release on Monday.

SPPC is the project company for establishing, owning, and operating Noor Abu Dhabi, the world’s largest single-site solar project.

 Issued at a 3.625% coupon rate maturing on 31 January 2049, the bonds are one of TAQA’s first investments into green financing.

The bonds were arranged and offered through joint lead managers and bookrunners, comprising Citi, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank (FAB), and SMBC Nikko.

Meanwhile, TAQA Group CEO and Managing Director, Jasim Husain Thabet, said: "This bond attracted interest from international and ESG-focused investors, further solidifying the confidence in TAQA based on our strong track record."

Meanwhile, the CEO of EWEC, Othman Al Ali, commented: "Noor Abu Dhabi is the foundation of solar power development in the Emirate of Abu Dhabi and the first of many world-leading projects in the UAE that are driving change in the energy sector and minimizing its carbon footprint."