Abu Dhabi Nationwide Vitality Firm (TAQA) has secured an AED 8.5 billion (US$2.31 billion) company time period mortgage facility that can assist the corporate keep a robust and versatile stability sheet whereas supporting its long-term progress technique and capital planning.
The ability is a two-year AED-denominated floating-rate mortgage, with a one-year extension choice. TAQA intends to utilise the funds over time in a phased method. Using AED funding aligns with the Group’s dirham-based earnings profile and advantages from robust native liquidity, with EIBOR providing a value benefit over worldwide benchmarks.
The 2-year tenor additionally aligns properly with TAQA’s maturity profile, because the Group has no company debt maturities scheduled in 2027.
The transaction enhances funding optionality, diversifies liquidity sources, and helps ongoing efforts to optimise the Group’s capital construction and keep the monetary flexibility required to ship on its long-term progress technique.
Jasim Husain Thabet, TAQA’s Group Chief Govt Officer and Managing Director, commented: “Securing this facility marks one other step in delivering on TAQA’s long-term progress technique, reinforcing our skill to keep up a robust and versatile stability sheet to assist future investments.
“This facility demonstrates our skill to entry aggressive funding in our home foreign money, whereas retaining the flexibility to attract down in keeping with our capital and funding wants. The phrases mirror the energy of our credit score profile and the belief positioned in us by our banking companions, making certain we have now the fitting monetary foundations to proceed delivering dependable and sustainable energy and water to the communities we serve.”
It additionally enhances TAQA’s present company funding framework, which features a US$20 billion World Medium Time period Word (GMTN) programme and a US$3.5 billion revolving credit facility.
Collectively, these devices present the Group with a well-balanced and diversified capital construction that helps each operational resilience and future progress.
Emirates NBD Financial institution and First Abu Dhabi Financial institution have been mandated by TAQA to behave collectively as Bookrunner, Mandated Chief Arranger and Coordinator, whereas Mashreq Financial institution acted as Mandated Lead Arranger for the time period mortgage facility.