Marubeni releases refinancing for 1.2 GW UAE solar

• Japanese player and partners issue green bond for Abu Dhabi PV giant

A Marubeni-led consortium has provided a US$ 700m green bond to refinance financial obligation for the 1200MW Sweihan solar project in Abu Dhabi.

The team, which includes JinkoSolar Holding and also Abu Dhabi National Energy Company, claimed the bond is the first in the Middle East as well as Africa area.

It will be noted on the Eurnext Dublin and will be traded amongst a series of financiers, added Maubeni.

The project bond primarily refinances the existing elderly funding originally obtained using project finance centers and also additional optimises the funding structure.

Sweihan began business procedure on April 30 2019.

All produced power is marketed 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.