#AbuDhabi solar firm Sweihan aims to raise over $700 mln with green bond issue | Reuters

Abu Dhabi solar firm Sweihan aims to raise over $700 mln with green bond issue | Reuters

Abu Dhabi solar energy firm Sweihan PV Power Company aims to raise more than $700 million through the sale of amortising green bonds, an investor presentation reviewed by Reuters on Monday showed.

Sweihan owns the Noor Abu Dhabi solar plant, the largest such facility in the United Arab Emirates, which began commercial operations in 2019. The company is 60% indirectly owned by Abu Dhabi's TAQA (TAQA.AD), while Japan's Marubeni Corp and China's JinkoSolar own 20% each. TAQA is 98.6% owned by the Abu Dhabi government.

An offering of U.S. dollar-denominated fixed-rate amortising green bonds - debt designed specifically to support climate-related or environmental projects - with a final maturity on Jan. 31, 2049, and a 15-year weighted average life will follow, subject to market conditions, a document from one of the banks on the deal showed.

The proposed transaction is to issue $728 million, though the size could be between $710 million and $750 million, the investor presentation showed.