- Press Releases
January 18 (Renewables Now) - Multi-energy and water utility Abu Dhabi National Energy Company PJSC (TAQA) and Emirates Water and Electricity Company (EWEC) on Monday priced green bonds worth USD 700.8 million (EUR 614.5m) to refinance the 1.2-GW Noor Abu Dhabi solar project.
The proceeds from the transaction will be used to refinance project company Sweihan PV Power Company PJSC (SPPC) which is in charge of the construction and operation of the solar site.
With a coupon of 3.625% and maturity on January 31, 2049, the notes drew solid interest and were 1.8 times oversubscribed with the orderbook reaching USD 1.26 billion in total, TAQA said on Monday.
Citi, HSBC (LON:HSBA), MUFG (TYO:8306), BNP Paribas (EPA:BNP), First Abu Dhabi Bank (ADX:FAB) and SMBC Nikko acted as joint lead managers and bookrunners on the transaction.
Noor Abu Dhabi, the world’s largest single-site solar photovoltaic (PV) plant, has been in operation for three years, supplying green electricity to over 90,000 households in Abu Dhabi. TAQA owns a majority stake of 60% in the project and the remaining 40% are held by Marubeni Corp (TYO:8002) and JinkoSolar (NYSE:JKS).
TAQA has also the 2-GW Al Dhafra Solar PV plant in Abu Dhabi which is currently under construction and will supply more than 160,000 households when completed.
(USD 1 = EUR 0.877)