Marubeni Corporation (hereinafter, 'Marubeni') is pleased to announce that Sweihan PV Power Company (hereinafter, 'Project Company'), owned by Marubeni, JinkoSolar Holding Co., Ltd (hereinafter, 'JinkoSolar') and Abu Dhabi National Energy Company, has issued a US$700.8 million green project bond ('Project Bond') for the Sweihan Photovoltaic Independent Power Project in Abu Dhabi, the United Arab Emirates (hereinafter, 'UAE') on January 21, 2022.

The Project includes construction, operation and maintenance of a 1,177 MW solar power plant. The Project started commercial operation on April 30 2019. All generated power is sold to the Emirates Water and Electricity Company (hereinafter, 'EWEC'). Upon issuance of the Project Bond, the Project Company agreed with EWEC to extend the existing term of the Power Purchase Agreement by 5 years, from 25 to 30 years.

The Project Bond was issued aligning with 'Green Bond Principles 2021' established by the International Capital Market Association. The Project Bond is the first green project bond in the Middle East and North Africa region and is listed on Euronext Dublin and will be traded among a wide range of investors. The Project Bond primarily refinances the current senior loan originally procured using project finance facilities and further optimizes the capital structure.

As part of Marubeni's promotion of sustainable management, and for the purpose of contributing to addressing climate change, Marubeni announced business policies regarding its coal-fired power generation business and its renewable energy generation business in September 2018 and its 'Long-Term Vision on Climate Change' in March 2021. Middle Eastern countries, including the UAE, are promoting increases of renewable energy in order to reduce carbon emissions and accelerate energy transition. To contribute to Middle Eastern countries' decarbonization, Marubeni will take a progressive approach to expand its renewable energy business.

(C) 2022 Electronic News Publishing, source ENP Newswire