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The Abu Dhabi-based Dhafrah PV2 Energy Company, rated A3 by Moody’s and A by S&P with stable outlook, has mandated banks for a dollar-denominated Reg S benchmark fixed-rate amortizing green bond.
The senior secured fixed-rate offering has a 30 June 2053 final maturity, with an expected 17-year weighted average life (WAL), subject to market conditions.
The utilities firm behind Abu Dhabi’s Al Dhafrah PV2 solar photovoltaic plant (ADPV2), has mandated BNP PARIBAS and HSBC as joint global coordinators, and along with Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC as joint lead managers and bookrunners, to organise a series of fixed income investor calls and physical meetings in London, commencing Monday.
Shareholders in Dhafrah PV2 Energy include the Abu Dhabi National Energy Company PJSC (TAQA), the Abu Dhabi Future Energy Company PJSC (Masdar), along with the France-based EDF Renewables and China’s Jinko Power (HK) Company Limited.
Emirates Water and Electricity Company (EWEC), which is 100% indirectly owned by the Government of Abu Dhabi, is the sole offtaker under a power purchase agreement that is extended beyond the maturity of the bonds.
Expected rating of the bond is A3 by Moody’s and A by S&P. FCA / ICMA stabilisation applies.
The company said proceeds will be used to finance or refinance the expenditure related to ADPV2 as detailed in its Green Bond Framework.
(Writing by Bindu Rai, editing by Daniel Luiz)
