Moody's, S&P rate Abu Dhabi Sweihan's proposed $728mln bonds stable | ZAWYA MENA Edition
S&P Global Ratings and Moody's Investors Service have rated Abu Dhabi-based solar energy firm Sweihan PV Power Co.’s (SPPC) proposed bonds stable.
SPPC, a UAE-based limited-purpose entity that owns, operates, and maintains the Noor photovoltaic (PV) power plant in Abu Dhabi, plans to sell $728 million of fixed-rate senior secured bonds due 2049.
SPPC is 60 percent owned by Abu Dhabi's TAQA while Japan's Marubeni Corp and China's JinkoSolar own 20 percent each. TAQA is 98.6 percent owned by the Abu Dhabi government.
The Noor facility, which achieved commercial operations in April 2019, sells electricity to Emirates Water & Electricity Company (EWEC) under a long-term take-or-pay power purchase agreement (PPA).
The proceeds of the bonds will be used to refinance existing debt, pay transaction expenses, fund the debt service reserve account and make a distribution to shareholders.
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