Abu Dhabi Securities Exchange (ADX) has announced the secondary bond listing of $700 million of fixed-rate amortising senior secured green bonds, marking the first green bond to be listed on the exchange.
The bonds were issued by Sweihan PV Power Company (SPPC), the project company that built, owns and operates Noor Abu Dhabi, one of the world’s largest single site solar projects.
Noor Abu Dhabi, which is 60% owned by Abu Dhabi National Energy Company (Taqa Group) and the rest 40% by Marubeni Corporation and JinkoSolar, had recently completed three years of successful commercial operations.
The plant has 1.2 gigawatts of direct current power generation capacity – the equivalent of supplying more than 90,000 households while reducing CO2 emissions by 1 million metric tons annually.
The secondary listing represents the first green bond listed on ADX and takes the total number of debt instruments listed on ADX to 28 as the exchange continues to execute on its ‘ADX One’ strategy of attracting new listings and innovative product offerings to its growing and dynamic platform.
Commanding the listing, Ahmed Al Rumaithi, Under-Secretary of Abu Dhabi Department of Energy (DoE), said, "The listing of the first green bonds by Sweihan PV Power Company comes in line with the UAE vision for the next fifty years and its continuous efforts to drive sustainable economic growth and the country’s net zero by 2050 initiative. It is a strategic step towards establishing Abu Dhabi as both a sustainable finance and a green bond hub."
"With sustainability a top priority for DoE, we are committed to supporting green bond initiatives and providing a fit regulatory framework in collaboration with all stakeholders in order to ensure green financing and refinancing options are available for Abu Dhabi’s sustainable projects," noted Al Rumaithi.
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange, said: "The listing of Sweihan PV Power Company’s green bond reflects ADX’s sustained ability to create a dynamic debt capital market ecosystem. With ESG growing in prominence across the region and green bonds being at the forefront of product innovation in this space, we welcome and celebrate this historic milestone of ADX’s first green bond listing."
Taqa’s Group CEO and Managing Director Jasim Husain Thabet said: "The growing appetite for green investment opportunities and the availability of capital for green projects is increasingly important in supporting the UAE to achieve net zero objectives for 2050. Noor Abu Dhabi’s secondary listing on the ADX opens the door for local investment as the first green bond to be listed in Abu Dhabi and further supports TAQA’s strategy toward sustainable growth and returns."
Othman Al Ali, the CEO of Emirates Water and Electricity Company (EWEC), the procurer for Noor Abu Dhabi, said: "The ADX listing for Sweihan PV Power Company is another milestone in the history of Noor Abu Dhabi. Since EWEC began developing Noor Abu Dhabi in 2015 we have continually looked to work with our partners to innovatively structure the finances of Abu Dhabi’s world leading energy projects, and this listing showcases the competitive and ground-breaking green funding arrangement that sets the example for all future solar PV projects to follow. We congratulate Sweihan PV Power Company on their ADX listing."
Abdulla Salem Al Kayoumi, Chief Executive Officer of Sweihan PV Power Company, added, "This latest milestone represents the financial and operational strength of Noor Abu Dhabi, which continues to set industry standards for the UAE and wider region. We are proud to list our green bond closer to home on ADX and further to contribute to Abu Dhabi’s clean energy ambitions".