USD700 million refinancing secured for 1.17 GW solar project in UAE
Abu Dhabi National Energy Company PJSC (TAQA) along with Emirates Water and Electricity Company (EWEC) has announced the successful pricing of green senior secured bonds for a principal amount of US$700.8 million by Sweihan PV Power Company PJSC (SPPC).
The bonds will refinance existing debt facilities of SPPC, the project company responsible for the construction and operation of the 1,177 MW Sweihan solar PV project (Noor Abu Dhabi) in Abu Dhabi, the UAE. Issued at a 3.625% coupon rate maturing on January 31, 2049, the bonds are expected to receive BBB+/Baa1 ratings from S&P and Moody’s. They were 1.8 times oversubscribed with local, regional and international investors placing total orders of US$1.26 billion.
Proceeds of the bonds will be used to refinance loans for the construction, operation and maintenance of the Noor Abu Dhabi PV plant. The project is already 3 years in commercial operation and with 1.2 GW of power generation capacity supplies over 90,000 households in the Emirate of Abu Dhabi.
Country news
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September 09, 2021
Arctech to supply trackers for 2.1 GW solar project in UAE
Arctech had signed a 2.1GW trackers supply agreement with China Machinery Engineering Corporation (CMEC) for Al Dhafra PV2 PV power plant in Abu Dhabi, UAE.
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August 27, 2021
ACWA Power inaugurates first stage of 900 MW Solar project in UAE
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February 02, 2021
Tender launched for Waste-to-Energy Power plant in UAE
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December 24, 2020
World's largest 2 GW solar power plant in UAE reaches financial close
Abu Dhabi National Energy Company (TAQA) and Masdar alongside partners EDF and JinkoPower announced the successful financial closing of the 2 GW Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project in Abu Dhabi, United Arab Emirates (UAE).
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September 09, 2020
Financial close for 900MW solar PV project in UAE
ACWA Power has completed the signing of all financing agreements of the 900 MW solar PV project, Shuaa Energy 3 PSC, which is the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Shuaa Energy 3 PSC is the special purpose vehicle incorporated for the project, with 60 percent ownership by the Dubai Electricity & Water Authority (DEWA) and the balance split between ACWA Power and Gulf Investment Corporation (GIC).
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