Taqa and Ewec raise $700m in green bonds for Abu Dhabi solar project
Abu Dhabi National Energy Company, Taqa, together with Emirates Water and Electricity Company, raised $700.8 million through its first green bond as it diversifies funding sources to include sustainable financing for projects.
Taqa will use proceeds of the deal to refinance existing debt of Sweihan PV Power Company, the entity set up to build, own and operate Noor Abu Dhabi solar power project, it said on Monday.
Maturing in 2049, the bonds offer a 3.625 per cent coupon and are expected to receive BBB+/Baa1 ratings from S&P and Moody’s, respectively. The deal was 1.8 times oversubscribed with local, regional and international investors placing total orders of $1.26bn, the company said.
“Taqa continues to deliver benchmark renewable energy projects with our investments underpinned by our strong balance sheet and our commitment to delivering shareholder value,” said Jasim Husain Thabet, Taqa group chief executive.
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