Abu Dhabi-headquartered Sweihan PV Power Co lands over $700m via green bonds to refinance debts

Abu Dhabi-based solar energy firm Sweihan PV Power Co (SPPC) has raised $700.8 million via green bonds in view of refinancing existing debts, Zawya reports.
The company issued secured bonds with the coupon sold at rate 3.625 percent. The company added that the bonds were 1.8 times oversubscribed with local, regional and international investors placing total orders of $1.26 billion.
The bonds will refinance existing debt facilities of SPPC and Abu Dhabi National Energy Co (TAQA), which owns 60 percent of SPPC.
SPPC, a UAE-based limited-purpose entity that owns, operates, and maintains the Noor photovoltaic (PV) power plant in Abu Dhabi, Zawya notes, had planned to sell $728 million of the bonds due in 2049.
Noor Abu Dhabi controlled state-owned Emirates Water & Electricity Company (EWEC) following a power purchase agreement through 2049, generates 881 MW of alternating current.

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