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Sweihan PV Power To Raise $700 Million With Green Bonds

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A file photo of Sweihan Photovoltaic Independent Power Project

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Sweihan PV Power Company through the sale of amortizing green bonds to raise $700 million. TAQA has a 60% share in Sweihan PV Power Company indirectly, and Marubeni Corporation and JinkoSolar own 20% each.

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Marubeni Corporation, having 20% ownership in the Project, together with JinkoSolar Holding Co., Ltd and Abu Dhabi National Energy Company (TAQA) commenced commercial operation of the 1,177MW solar power plant in April 2019 through the Sweihan PV Power Company. All power generated from the project is sold to the Emirates Water and Electricity Company under a 25-year power purchase agreement.

MUFG was hired as a joint global coordinator, Citi with HSBC as a lead global coordinator on the debt issue, First Abu Dhabi Bank, SMBC Nikko, and BNP Paribas will join for organizing investor calls.

The Noor Abu Dhabi project produces around 881 MW alternating current (AC) and is sold to Emirates Water & Electricity Company (EWEC) under a PPA. This project will save 9 million metric tons of carbon dioxide between 2020-2030.

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In 2017, EWEC raised around $600 million in debt and $220 million in equity for this project. Nearly 80% of $728 million bond proceeds will be utilized for repaying loans of the bank, 12% for transaction costs, 5% will be distributed to shareholders, and the rest will be utilized for funding debt service reserve account.

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