Middle East

The price of the first green bond Taqa and EWEC linked to a PV plant

Abu Dhabi National Energy Company (Taqa) and Emirates Water and Electric Company (EWEC) have successfully priced a $ 700.8 million green senior secured bond by the Sweihan PV Power Company (SPPC).

Bonds issued at a coupon rate of 3.625%, which matures on January 31, 2049, are expected to receive BBB + / Baa1 ratings from S & P and Moody’s, respectively, for a total of 12 local, regional and international investors. I have placed an order for $ 160 million.

One of Taka’s first forays into green finance, the bond is a project company founded to build, own and operate Noor Abu Dhabi, the world’s largest single-site solar project currently in operation. Refinance the existing debt facility of SPPC. With a DC power generation capacity of 1.2 GW, Abu Dhabi supplies clean solar power to more than 90,000 households and reduces CO2 emissions by 1 million tons annually.

Jasim Husain Thabet, Chief Executive Officer and Managing Director of the Taqa Group, said: Over the next decade, we will continue to achieve our sustainable growth and return goals with a firm commitment to ESG. “

Read: Abu Dhabi’s ADNOC, Taka Announces $ 3.6 Billion Project to Decarbonize Offshore Business

Othman Al Ali, Chief Executive Officer of EWEC, said: .. Accessing the investor market through the issuance of green bonds is an important step in funding this significant change and supporting the UAE’s sustainability goals. “

The deal is significant to SPPC and EWEC shareholders as a source by extending debt maturity by five years, backed by a five-year power purchase agreement extension to 2049 secured with the support of the Abu Dhabi government. Brings value. ..

https://gulfbusiness.com/abu-dhabis-taqa-and-ewec-price-first-green-bond-linked-to-solar-pv-plant/ The price of the first green bond Taqa and EWEC linked to a PV plant

Back to top button