Sweihan PV Power Company Issues Landmark Green Project Bond

Sweihan PV Power Company PJSC (the “Issuer”) has issued a US$700.8 million 3.625% green project bond pursuant to R144a and RegS on January 21, 2022. The bonds are rated Baa1 / BBB+ by Moody’s and S&P respectively and represent the first green project bond financing in the MENA region. The net proceeds of the bonds will be allocated in accordance with Sweihan’s Green Bond Framework, which is aligned with ICMA’s Green Bond Principles 2021 and the ‘solar energy’ standard of the Climate Bonds Initiative.

The Issuer owns and operates Noor Abu Dhabi – the worlds largest operational single-site solar power plant which has a capacity of 1,177 MW and consists of over three million solar panels covering an area of 7.8 square kilometres. The project is indirectly owned by sponsors TAQA, Marubeni, and JinkoSolar, and has been identified as a key strategic asset for the Government of Abu Dhabi and the UAE’s National Energy Strategy 2050 which targets a 50% contribution of clean energy to the total energy mix by 2050.

Alderbrook acted as sole Financial Advisor to the Issuer.

IJGlobal Awards 2020

PV2 and Fujairah F3, for which Alderbrook Finance acted as Financial Adviser in each case, have been awarded Renewables Solar Deal of the Year and Power Deal of the Year respectively in the IJGlobal Awards 2020 for the MENA region.

PV2 achieved Financial Close in December 2020 and is the largest solar PV project in the world. The plant has a capacity of 1.5 GW and will be developed by EDF and Jinko Power.

The Fujairah F3 IPP achieved Financial Close in June 2020 and was the first major utility project in the region to do so since the start of the coronavirus pandemic. The project will be developed by Marubeni and once completed will have an installed capacity of 2.4 GW with a total cost in excess of US$ 1 billion.

Alderbrook acted as sole Financial Advisor to Emirates Water and Electricity Company (EWEC) in respect of the competitive procurement processes for both projects.

Rabigh Solar PV IPP Achieves Financial Close

The Rabigh Solar PV IPP in Rabigh, Saudi Arabia achieved Financial Close on April 5, 2021. The plant was tendered by the Renewable Energy Project Development Office (REPDO) under the second round of Saudi Arabia’s National Renewable Energy Programme. The project was awarded to a joint venture between Marubeni and Al Jomaih who have commenced construction of the 300 MW plant.

Alderbrook acted as sole Financial Adviser to Marubeni and Al Jomaih in respect of their joint competitive bid.

PFI Awards 2020

PV2 and Fujairah F3, for which Alderbrook Finance acted as Financial Adviser in each case, have been awarded Solar Deal of the Year and Power Deal of the Year respectively in the PFI Awards 2020 for the Middle East & Africa.

PV2 achieved Financial Close in December 2020 and is the largest solar PV project in the world. The plant has a capacity of 1.5 GW and will be developed by EDF and Jinko Power.

The Fujairah F3 IPP achieved Financial Close in June 2020 and was the first major utility project in the region to do so since the start of the coronavirus pandemic. The project will be developed by Marubeni and once completed will have an installed capacity of 2.4 GW with a total cost in excess of US$ 1 billion.

Alderbrook acted as sole Financial Advisor to Emirates Water and Electricity Company (EWEC) in respect of the competitive procurement processes for both projects.

IJ Global Awards 2019

Taweelah RO IWP and Hamriyah IPP, for which Alderbrook Finance acted as Financial Adviser in each case, have been awarded Water Deal of the Year and Power Deal of the Year respectively in the IJ Global Awards 2019 for MENA.

Taweelah RO IWP will be the first standalone desalination plant to be developed in the UAE and the largest in the region with a capacity of 200 MIGD. Alderbrook acted as sole Financial Advisor to Emirates Water and Electricity Company (EWEC) in respect of the competitive procurement process which was awarded to an ACWA Power-led consortium.

Hamriyah IPP will be Sharjah’s first IPP,  and the first application of H-class technology in the region. Alderbrook acted as Financial Advisor to the project’s lead developers Sumitomo Corporate and GE EFS.

Fujairah F3 IPP Achieves Financial Close

The Fujairah F3 IPP in Fujairah, United Arab Emirates achieved Financial Close on June 16, 2020. The plant was tendered by Emirates Water and Electricity Company (EWEC) and is the first major utility project in the region to achieve Financial Close since the start of the coronavirus pandemic.

The project will be developed by Marubeni and once completed will have an installed capacity of 2,400 MW. The project has a total cost in excess of US$ 1 billion and is being procured under a 25-year build-own-operate (BOO) contract with a projected commercial operations date of April 2023.

Alderbrook acted as sole Financial Adviser to EWEC in respect of the competitive procurement process.

Alderbrook Expands Dubai Operations

Alderbrook has recently hired Pranav Kotwal as an Executive Director based in Dubai where he joins Grant Thomas (Executive Director). The pair will be responsible for leading execution and developing the firm’s regional presence.

Pranav joins from EIG Global Energy Partners’ London office where he was a Vice President and responsible for private investments across energy sectors. Grant has over 25 years’ experience in global energy and infrastructure, his prior roles include Head of Energy, Power and Utilities at Commercial Bank of Dubai and Head of Resources and Energy Group for MENA at HSBC.

Taweelah RO Achieves Financial Close

Taweelah RO IWP achieved Financial Close on October 16, 2019. The 200 MIGD reverse osmosis plant is the first standalone desalination plant in the UAE and the largest in the region, achieving a record low tariff of AED 8.26 per TIG through a public tender process – approximately 25% lower than comparable projects across the region.

The project was awarded to an ACWA Power-led consortium and marks an important transition for infrastructure and energy in the region, signalling a de-coupling from power generation at a time when Abu Dhabi is increasingly turning to alternative energy sources such as nuclear and renewables.

Alderbrook acted as sole Financial Adviser to Emirates Water and Electricity Company (EWEC) in respect of the competitive procurement process.

Rabigh 3 IWP Achieves Financial Close

The Rabigh 3 IWP in Rabigh, Kingdom of Saudi Arabia achieved Financial Close on April 30, 2019. The plant was tendered by Saudi Arabia’s Water and Electricity Company (WEC) and will be the Kingdom’s first standalone desalination plant.

The project was awarded to an ACWA Power-led consortium at a tariff of US Cents 0.53 /m3 (199.2 Halala/m3) and will use reverse osmosis technology to produce 600,000 m3/day of potable water. The project has a total cost of US$ 700 million and is being procured under a 25-year build-own-operate (BOO) contract with a projected commercial operation date of Q1 2022.

Alderbrook acted as joint Financial Adviser to WEC in respect of the competitive procurement process.

First IPP in Sharjah Achieves Financial Close

Hamriyah IPP, a 1,800 MW greenfield CCGT in Sharjah,  United Arab Emirates achieved Financial Close in April 2019. The plant represents Sharjah’s first IPP and the first application of H-class technology in the region. Alderbrook acted as joint Financial Advisor to the project’s lead developers Sumitomo Corporate and GE EFS.