Abu Dhabi-based Dhafrah PV2 Energy Company has priced a $870.75M, 27.5-year green bond, with a 17-year weighted average life, tightening to 100 basis points over U.S. Treasuries from initial guidance in the T+130bp area.
The Regulation S amortising Eurobond carries a 5.794% coupon, was re-offered at par, and attracted strong demand, with the order book reaching $2.1B, excluding joint lead manager interest.
The green bond aims to fund Abu Dhabi’s massive 2GW Al Dhafrah Solar Project, refinancing earlier debt, and investing in upcoming infrastructure deals.
Dhafrah PV2 Energy is the project company behind Abu Dhabi’s Al Dhafrah PV2 solar photovoltaic plant. The company is rated A3 by Moody’s and A by S&P, both with stable outlooks, and the bond is expected to carry the same ratings.
BNP Paribas and HSBC acted as joint global coordinators, with CrédDit Agricole CIB, MUFG, Standard Chartered Bank and SMBC as joint lead managers and bookrunners.
Dhafrah PV2 Energy is owned by TAQA, Masdar, EDF Renewables, and Jinko Power (HK).
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