TAQA Group, EWEC price first green bond linked to solar PV plant 

TAQA Group, EWEC price first green bond linked to solar PV plant 

ABU DHABI, 17th JANUARY, 2022 (WAM) -- Abu Dhabi National Energy Company PJSC (TAQA) along with Emirates Water and Electricity Company (EWEC) announced on Monday the successful pricing of green senior secured bonds for an aggregate principal amount of US$700.8 million (AED 2.6 billion) by Sweihan PV Power Company PJSC (SPPC).

TAQA is one of the largest listed integrated utility companies in the EMEA (Europe, the Middle East and Africa) region and EWEC is a leader in the integrated coordination of planning, purchasing and supply of water and electricity across the UAE.

The bonds, one of TAQA’s first forays into green financing, will refinance existing debt facilities of SPPC, the project company incorporated to build, own and operate Noor Abu Dhabi, the world’s largest single-site solar project currently in operation, according to a press release issued on Monday.

Issued at a 3.625 percent coupon rate maturing on 31st January, 2049, the bonds are expected to receive BBB+/Baa1 ratings from S&P and Moody’s, respectively and were 1.8 times oversubscribed with local, regional and international investors placing total orders of US$1.26 billion.

This transaction generates significant value for the shareholders of SPPC and EWEC as procurer through an extension to the debt maturity by