| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | UTIL | PRCD | DHAENE | Dhafrah PV2 Energy Co LLC | $871 | 1 | EMEA | Jan 8, 2026 |
Dhafrah PV2 Energy Company LLC (DHAENE) exp A3/A (s/s) US$870.75m (no grow) 144A/Reg S 26.5y sr secured green bonds. Final Maturity: 6/30/53 (5-year tail to end of PPA). Repayment / Average Life: Semi-annual payments starting 30 June 2026. Expected WAL of around 17.0 years. UOP: Prepayment of all existing senior debt facilities; Payment of residual amounts under the EPC agreements; Payment of transaction costs. Pricing 1/8. Settle 1/15 (T+5).
VIA BNP/HSBC (B&D) as JGCs. CACIB/MUFG/StanChart/SMBC as JBRs.
Announced as $870.75m no grow, we heard initial price thoughts as CT20+130 area.
Went straight to launch at CT20+100. Books over $2.1bn (ex JLM).
Ultimately, a $870.75m deal priced as follows:
$870.75m 5.794% 6/30/53 100.00 5.794% CT20+100. MW+50.
As for r/v, this is an SPV with 60% jointly owned by a local Abu Dhabi holding company owned by TAQA and Masdar and the other 40% owned by foreign holding company, split 50/50 between EDF renewables and Jinko power.
This is the entity’s debut debt issuance, so CONCESSION IS N/A.
The local holding companies are quoted as follows:
Abu Dhabi National Energy Company (Aa3/NR/AA)
-TAQAUH 4.750% due 03/09/27 11.2y WAL T+85bp ($97.615; 5.031%) - $850M pxd Oct 202
-TAQAUH 4.000% due 10/03/49 23.7y WAL T+69bp ($80.461; 5.481%) - $500M pxd Sep 2019
Abu Dhabi Future Energy Co (A1/NR/AA-)
-MASDAR 5.375% due 05/21/35 T+69bp ($103.829 ;4.860%)- $500M pxd May 2025 (Reg S Only)
Comps away:
Sweihan PV Power CO PJSC (Baa1/A-)
–SWEHAN 3.625% due 01/31/49 12.6y WAL T+114bp ($85.671; 5.315%) - $700.8M pxd Jan 2022
Galaxy Pipeline Assets (Aa2/NR/AA)
–ADGLXY 3.250% due 09/30/40 12.8y WAL T+105bp ($81.750; 5.227%) - $1.35B pxd Oct 2020
Abu Dhabi Crude Oil (NA/AA/AA)
–ADNOUH 4.600% due 11/02/47 14.1y WAL T+119bp ($92.783; 5.369%) - $2.2B pxd Oct 2017
Abu Dhabi Govt Int’l (NA/AA/AA)
-ADGB 4.250% due 10/02/35 9.7y WAL T+24bp ($98.654; 4.421%) - $2B pxd 09/25/25 +18
-ADGB 4.125% due 10/11/47 21.8y WAL T+51bp ($84.847; 5.307%)- $3B pxd Oct 2017
FINAL BOOKS:
$870.75m 26.5yr (17y WAL) Green - $1.700bn (1.95x)