Abu Dhabi’s TAQA prices first green bond linked to giant solar plant – ArabianBusiness.com

Abu Dhabi’s TAQA prices first green bond linked to giant solar plant – ArabianBusiness.com

Abu Dhabi National Energy Company, better known as TAQA, along with Emirates Water and Electricity Company (EWEC) on Monday announced the successful pricing of green senior secured bonds for an aggregate principal amount of $700.8 million.

The bonds, one of TAQA’s first forays into green financing, will refinance existing debt facilities of Sweihan PV Power Company (SPPC), the project company incorporated to build, own and operate Noor Abu Dhabi, the world’s largest single-site solar project currently in operation.

Issued at a 3.625 percent coupon rate maturing on January 31, 2049, the bonds were 1.8 times oversubscribed with investors placing total orders of $1.26 billion.