Monday, April 15, 2024

“TAQA” issues the largest green paper with $ 700 million


Abu Dhabi National Energy Company PJSC “TAQA” and Emirates Water and Electricity Company have teamed up to launch the region’s largest green bond issue with a total value of $ 700 million (AED 2.6 billion) issued by Swigan Photovoltaic Energy Company PJSC.
Sharjah 24:

Abu Dhabi National Energy Company PJSC “TAQA” is one of the largest listed integrated utility companies in the Middle East and North Africa region, and a leading company in the integrated planning, procurement and water supply of Emirates Water and Electric. And electricity across the UAE, Swigan PV Power Company announced on Monday the successful bidding of a total of $ 700 million (AED 2.6 billion) green securities issued by PJSC.

The bond, TAQA’s first green funding initiative, aims to refinance Sweihan PV’s existing credit facility, which was started to build and own the Noor Abu Dhabi plant, the world’s largest single-site solar power plant.

These bonds were issued at a coupon rate of 3.265% and matured in July 2049. The securities are expected to be valued by Standard & Poor’s and Moody’s (BBB +) and (Baa1), respectively, with local and regional subscriptions 1.8 times higher. And international investors with a total of $ 1.26 million in subscription applications.

The deal is of great value to the shareholders of Sweehan Photovoltaic Energy Company and Emirates Water and Electric, as they are two buying companies with an extension of the loan to 5 years following the extension of the power purchase agreement. For a period of 5 years until 2049 with the support of the Government of Abu Dhabi.

See also  Oil fell more than 5% after IMF reports

After Sweihan PV provided its green bond structure, the bond was approved under the standards of the International Capital Markets Association, ensuring that the project meets the requirements of the Green Bond Principles.
Proceeds from these bonds will be used exclusively to refinance loans arranged in 2017 for the construction, operation and maintenance of the Noor Abu Dhabi plant.

On this occasion, TAQA Group CEO and Managing Director Jasim Hussain Thabet said: “TAQA continues to implement standard renewable energy projects supported by our strong presence and commitment to value creation for our partners. With our unwavering commitment to becoming “TAQA” in Community Management, we will continue our efforts over the next ten years to achieve our goals of sustainable growth and revenue maximization.

For his part, Othman Al Ali, CEO of Emirates Water & Electric, said: “The issuance of green bonds for the Noor Abu Dhabi plant is a pioneering effort that reaffirms our commitment to implement innovative and sustainable solutions in energy production and water. Noor Abu Dhabi One of the key pillars, and one of the world’s leading pioneering projects, is the first project in the United Arab Emirates to bring about and contribute to the transformation of the energy sector. Is an important step.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Boost Your Sales with Perfect Banner Printing Services in Dubai

In the fast-paced world of business, effective advertising is...

Defend Against DDoS Attacks with Qrator Labs’ Anti-DDoS Solutions

Protecting your online assets from DDoS (Distributed Denial of...

UAE Powering Gaming Boom in the Middle East

The gaming industry in the Middle East is experiencing...

iGym and the Youth Gym Culture in Dubai

In the dynamic city of Dubai, a new trend...