RIYADH: Abu Dhabi National Energy Co., or TAQA, along with Emirates Water and Electricity Co., or EWEC, have priced green senior secured bonds at an amount of 2.6 billion dirhams ($700 million). The placement marks the first green bonds to be related to a solar plant, as it intends to refinance existing debt facilities of Sweihan PV Power Co., or SPPC. SPPC is the project company to own, build and operate Noor Abu Dhabi, the world’s largest single-site solar project currently operating. Arranged and offered through joint lead managers and book runners, the green bonds are issued at 3.62 percent coupon rate, to be matured on 31 Jan. 2049. The syndicate of managers was advised by Norton Rose Fulbright and includes Citi, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank and SMBC Nikko. This comes as TAQA seeks to deliver its sustainable growth and low carbon objectives.