Abu Dhabi National Energy Co. (TAQA), known as Taqa, said it plans to complete the sale this quarter of an $800 million project bond for its Shuweihat S2 power plant. The Taqa unit would now pay about 3.5 percent on 10-year project bonds, Amol Shitole, a credit analyst with SJS in Bangalore, India, said April 16 by e- mail. That compares with an average corporate bond yield of 3.37 percent yesterday, a Middle East regional HSBC/Nasdaq Dubai index shows.
Emirates Aluminium Co., or EMAL, may sell a project bond as early as this quarter, according to Mubadala Development Co., a partner in the venture. EMAL needs money to expand a smelter, while Taqa is refinancing its Shuweihat power station in Abu Dhabi, the largest sheikhdom in the United Arab Emirates. Both state-run companies are contributing to Abu Dhabi's effort to diversify financing options beyond bank loans and corporate bonds to attract a wider range of investors.
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