A Marubeni-led consortium has issued a US$700m green bond to refinance debt for the 1200MW Sweihan solar project in Abu Dhabi.
The group, which includes JinkoSolar Holding and Abu Dhabi National Energy Company, said the bond is the first in the Middle East and Africa region.
It will be listed on the Eurnext Dublin and will be traded among a range of investors, added Maubeni.
The project bond primarily refinances the current senior loan originally procured using project finance facilities and further optimises the capital structure.
Sweihan started commercial operation on April 30 2019.
All generated power is sold to the Emirates Water and Electricity Company.
Upon issuance of the project bond, the developers have agreed with EWEC to extend the existing term of the Power Purchase Agreement by 5 years, from 25 to 30 years.