Abu Dhabi-based solar energy firm Sweihan PV Power Co (SPPC) has sold green senior secured bonds worth $700.8 million at a coupon rate of 3.625 percent.

SPPC, a UAE-based limited-purpose entity that owns, operates, and maintains the Noor photovoltaic (PV) power plant in Abu Dhabi, had planned to sell $728 million of the bonds due in 2049.

The bonds will refinance existing debt facilities of SPPC and Abu Dhabi National Energy Co (TAQA), which owns 60 percent of SPPC.

The bonds were 1.8 times oversubscribed with local, regional and international investors placing total orders of $1.26 billion, SPPC said in a statement. 

Noor Abu Dhabi generates 881 MW of alternating current, which is sold to state-owned Emirates Water & Electricity Company (EWEC) under a power purchase agreement through 2049. EWEC is fully owned by Abu Dhabi state-owned holding company ADQ.

The bonds were arranged and offered through a syndicate of joint lead managers and bookrunners comprising of Citi, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank (FAB) and SMBC Nikko.

(Reporting by Brinda Darasha; editing by Seban Scaria) 


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