White & Case: Sweihan PV Power Company issues green project bonds

Global law firm White & Case LLP has advised the Abu Dhabi-based Sweihan PV Power Company (SPPC) on the issuance of its US$700.8 million 3.625% senior secured amortizing green project bonds due 2049.

The bonds are governed by New York law, have been admitted to trading on the Global Exchange Market of Euronext Dublin and included in the list of Euronext ESG Bonds. They are rated BBB+ and Baa1 from S&P and Moody’s, respectively. The bonds were arranged and offered through a syndicate of joint lead managers and bookrunners comprising of Citigroup, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank and SMBC Nikko.

The issuance is the first green project bond in the MENA region. It is also the first green bond offering for a UAE renewables project to international investors and is a critical part of the Emirate of Abu Dhabi’s energy transition strategy. Global law firm White & Case has advised the Abu Dhabi-based Sweihan PV Power Company in this transaction. The team was led by partners Michael Watson and Melissa Butler (both London) and included Abu Dhabi partners Alexander Malahias (pictured left) and Yasser Riad (pictured right) and associates Khawla Alatiyat, Shamim Khan, Nisha Raman, Jennifer Riddle (all Abu Dhabi), Catherine Andrews, Hashim Eltumi, Claire Janvier (all London) and Eren Ayanlar (Dubai).