Emirati energy company Sweihan PV Power has secured a $700.8 million North African solar project to refinance its debt for a 1,177 MW photovoltaic (PV) stand-alone power project in Abu Dhabi (UAE), United Arab Emirates. The company is jointly owned by a consortium of Japanese conglomerate Marubeni, Chinese photovoltaic manufacturer JinkoSolar Holdings and Abu Dhabi National Energy Company (TAQA).

Marubeni said the project bond will be used to refinance existing senior loans obtained using the project financing facility and to further optimize the capital structure. The solar facility started commercial operations in April 2019. All clean energy generated by the solar farm is sold to the Emirates Water and Electricity Company (EWEC) under a Power Purchase Agreement (PPA). With the issuance of the project bonds, Sweihan PV Power Company and EWEC agreed to extend the existing PPA term from 25 years to 30 years. Keywords: overseas news, engineering news

The bond is said to be the first green project bond issued in the MENA region. It will be listed on Euronext Dublin and trade among a wide range of investors. It is issued by the company under the terms of the 2021 Green Bond Principles developed by the International Capital Markets Association. "Middle Eastern countries, including the UAE, are increasing renewable energy to reduce carbon emissions and accelerate energy transition," Marubeni said in a statement. "To facilitate decarbonization in Middle Eastern countries, Marubeni will take a gradual approach to expanding its renewable energy business. In November 2020, a subsidiary of JinkoSolar Holdings agreed to sell a 50% stake in Sweihan PV Power to JinkoPower Hong Kong. After the transaction was completed, JinkoSolar, the parent company of JinkoPower Hong Kong, acquired 20% of the solar photovoltaic project 's equity.Editor/XingWentao