Synergy Consulting, Inc. is honored to have supported Dhafrah PV2 Energy Company in successful Hard Mini-Perm Refinancing of ~USD 870 Mn of senior debt for Al-Dhafra Solar PV Plant in Al-Dhafra region, Abu Dhabi

Synergy Consulting, Inc., is pleased to share that it acted as the sole financial advisor to Dhafrah PV2 Energy Company (DPEC) for Hard Mini-Perm Refinancing of USD ~USD 870 Mn of senior debt.

Al-Dhafra Solar PV is an operational plant with 2.1 GW nameplate capacity in Al-Dhafra region, Abu Dhabi was the largest single-site Solar PV plant at the time of tender. The project aligns with the UAE’s Net Zero 2050 goal, reinforcing its leadership in solar energy. At the time of initial Financial Close, DPEC raised ~USD 850 Mn from a consortium of 7 lenders with a target to be refinanced as of Oct’24. The project is developed under a public-private partnership (PPP) scheme and is jointly owned by Abu Dhabi National Energy Company (TAQA, 40%), Masdar (20%), EDF Renewables (20%), and Jinko Power (20%) and operates under a long term off-take agreement with Emirates Water and Energy Company (EWEC). The current refinancing is termed as Bridge-to-Bond financing as EWEC expects to raise debt via Bond issuance in the year 2025.

Synergy supported DPEC in HMP Refinancing and other commercial advisory related aspects for the refinancing.