UAE's MIPCO to issue over $1 billion bonds for refinancing, desalination project -Al Arabiya | Reuters
Mirfa International Power and Water Company (MIPCO), majority owned by Abu Dhabi's TAQA, is planning a bond sale of more than $1 billion to refinance debt and begin a new phase of a desalination project, Al Arabiya reported on Tuesday citing sources.
MIPCO may use a financing framework similar to that adopted by Abu Dhabi solar energy firm Sweihan PV Power Company, which raised $700.8 million through a sale of amortising green bonds last month, Al Arabiya said.
The bonds will refinance a $1.2 billion seven-year loan taken in 2014 to fund the MIPCO project, with the proceeds also financing the second phase of the project, the Saudi-owned news channel said.
MIPCO did not immediately respond to an emailed request for comment.
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