“TAQA” launches the largest issuance of green bonds with 700 million...

“TAQA” launches the largest issuance of green bonds with 700 million...
“TAQA” launches the largest issuance of green bonds with 700 million...
The Abu Dhabi National Energy Company PJSC “TAQA” and the Emirates Water and Electricity Company launched the region’s largest green bond issuance with a total value of $700 million (AED 2.6 billion), issued by Swigan Photovoltaic Energy Company PJSC.
Sharjah 24:

The Abu Dhabi National Energy Company PJSC “TAQA”, one of the largest listed integrated utilities companies in the Middle East and North Africa region, and the Emirates Water and Electricity Company, a leading company in the integrated coordination of planning, purchasing and providing water and electricity across the UAE, announced on Monday the Successful pricing of green secured bonds totaling $700 million (AED 2.6 billion), issued by Swigan PV Power Company PJSC.

The bond, TAQA’s first attempt at green financing, aims to refinance the existing debt facilities of Sweihan PV, the company launched to construct, own and operate the Noor Abu Dhabi plant, the largest single-site solar power plant in the world.

These bonds were issued at a coupon rate of 3.265% and mature in July 2049. The bonds are expected to be rated (BBB+) and (Baa1) by Standard & Poor’s and Moody’s respectively, and have been oversubscribed by 1.8 times to local, regional and international investors. Who submitted a total of subscription applications totaling $1.26 million.

This deal creates great value for the shareholders of Sweihan Photovoltaic Energy Company and the Emirates Water and Electricity Company, as they are the two buying companies by extending the maturity of the debt for a period of 5 years, following the extension of the power purchase agreement for a period of 5 years until 2049, with the support of the Abu Dhabi government.

After Sweihan PV offered its green bond framework, the bond was approved under International Capital Markets Association standards, 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, Jassim Hussain Thabet, CEO and Managing Director of TAQA Group, said: “TAQA continues to implement benchmark renewable energy projects backed by our strong balance sheet and commitment to creating value for our shareholders…These bonds have attracted the interest of international investors and investors interested in corporate and corporate governance. We will continue our efforts in the next ten years to achieve our goals of sustainable growth and increase returns, with our unwavering commitment to corporate and environmental and social governance to become “TAQA” the leading utility company with a low carbon footprint in the world. Abu Dhabi”.

For his part, Othman Al Ali, CEO of Emirates Water and Electricity Company, said: “The issuance of the green bonds for the Noor Abu Dhabi plant is a pioneering initiative that confirms our commitment to implementing innovative and sustainable solutions in energy production and water desalination…Noor Abu Dhabi is one of the main pillars To develop the solar energy sector in the Emirate of Abu Dhabi and the first project among many of the world’s leading pioneering projects in the UAE, which drives change in the energy sector and contributes to reducing the carbon footprint… Reaching the investors’ markets through the issuance of these green bonds is a major step in financing this change and supporting the sustainability goals in the UAE.”

These were the details of the news “TAQA” launches the largest issuance of green bonds with 700 million... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV ACWA Power adds record desalination capacity to serve 5.5m more people daily 
NEXT Saudi banks’ profits up 21% in December, central bank data shows

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]