Masdar and Emirates Water and Electricity Company are developing a $6.1-billion continuous clean energy project in Abu Dhabi. The system integrates a 5.2 GW solar photovoltaic plant with 19 GWh of battery energy storage to supply 1 GW of baseload power. A 13-bank consortium that includes Bank of China is providing a $5.1-billion financing package.
UAE-based Arada Developments is marketing a five-year fixed-rate Regulation S US dollar benchmark sukuk issuance alongside a tender offer. The sukuk will be issued under Arada Sukuk 2 Limited's $1.5 billion Trust Certificate Issuance Programme. The company has also invited holders of its outstanding 2027 trust certificates to tender their notes for cash.
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