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Abu Dhabi Solar firm Sweihan raises $70 mn via green bonds

The senior secured bonds have set a coupon of 3.625%

Abu Dhabi-based solar energy firm Sweihan PV Power Company recently announced that they have raised financing of $70 million via green bonds and have set a coupon of 3.625 percent via senior secured bonds, according to media reports. SPPC, a UAE-based limited-purpose entity that owns, operates, and maintains the Noor photovoltaic (PV) power plant in Abu Dhabi had also planned to sell $728 million of the bonds that are due in 2049.

These bonds will refinance existing debt facilities of SPPC and Abu Dhabi National Energy Company (TAQA), which owns 60 percent of SPPC. The company also announced that bonds were subscribed 1.8 times with local, regional and international investors, and placed total orders worth $1.26 billion.

Reports also stated that Noor Abu Dhabi generates 881MW of alternating current, which is sold to state-owned Emirates Water & Electricity Company (EWEC) and comes under a power purchase agreement through 2049. EWEC is fully owned by Abu Dhabi state-owned holding company ADQ. The bonds were arranged and offered through a group of joint managers and bookrunners comprising of Citi, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank (FAB) and SMBC Nikko.

HE Abdullah Ali Musleh Al Ahbabi, Chairman, ADWEA, told the media, “This financial closing is the culmination of 18 months of hard work, determination and commitment from many people, from multiple Abu Dhabi Government stakeholders, the international PV investor market, the international and local lending community and related advisors.”

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