TAQA Secures $750mn Funding

Abu Dhabi National Energy Company (TAQA) said in a filing to the Abu Dhabi Securities Exchange on 30 April that it has finalized the issuance of a $750mn, 3.875% bond due in May 2024. TAQA says that the proceeds will pay expenses and part of the $1.2bn in bonds set to mature in September this year.

Earlier this month, TAQA secured a $200mn Samurai loan, which will also be used to refinance some of the bonds set to mature this year.

Also this month, preliminary commercial operations began at TAQA’s Bergermeer gas storage facility in the Netherlands. The 4.1bn cu ms facility – which sees gas injected into a previously depleted gas reservoir – will nearly double the Netherlands’ total gas storage capabilities. TAQA describes the project as the “largest third party access gas storage facility in Europe.” (CONTINUED - 134 WORDS)