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Presale: Sweihan PV Power Co. PJSC

Sweihan PV Power Co. PJSC (SPPC or Noor) is a United Arab Emirates (UAE)-based limited-purpose entity that owns, operates, and maintains the Noor photovoltaic (PV) power plant in Abu Dhabi, one of the seven emirates that make up the UAE. Noor PV was the largest single-site solar PV project at the time of completion in April 2019 with an installed capacity of 1,177 MW(DC) (881MW [AC]). SPPC plans to issue approximately $728 million of fixed-rate senior secured bonds, maturing on Jan. 31, 2049. SPPC will use the proceeds to repay its existing $587 million of senior debt, pay break costs on the associated swaps, fund transaction costs and reserves, and distribute the residual amount to its shareholders. SPPC operates as