The Sweihan PV Power Company (SPPC) – the operator of the 1,177MW solar PV in Abu Dhabi – has issued its $700.8 million green project bond.

The final maturity date is 31 January 2049 and the coupon is 3.625%.

The bond was rated stable by S&P Global Ratings and Moody’s Investors Service earlier in January (2022), as reported at the time.

It is understood to be the first green project bond in the MENA region – and is aligned with the International Capital Market Association’s Green Bond Principles 2021.

The bond is listed on Euronext Dublin. The proceeds will be used to refinance existing debt, pay transaction expenses, fund the debt service reserve account, and make a distribution to shareholders.

Financial close occurred 24 May 2017. SPPC is owned by:

• TAQA – 60%
• Marubeni – 20%
• JinkoSolar – 20%

Sweihan IPP’s commercial operations began on 30 April 2019 and its renewable energy is sold to the Emirates Water & Electricity Company (EWEC) under a 30-year power purchase agreement.

The stable ratings confirmed earlier this month (January 2022) indicate a steady cash flow expectation, supported by the specifications of the asset. "In addition, we anticipate the project will continue to have a moderately high likelihood of support from the government," said the S&P Global summary at the time.