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.