Green Bond Fact Sheet
Noor Energy 1 (ACWA Power, Silk Road Fund)

Date: 16/10/2019

Issue date: 31-01-2019 Maturity date: 22-12-2047 Tenor: 18Issuer Name

Noor Energy 1

Amount Issued

USD2.69bn

Country of risk

UAE

CBI Database

Included

Issuer Type1

Non-financial corporate

Bond Type

Loan (Commercial and
Mezzanine Facilities)

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Certified under Climate
Bonds Standard v2.1,including sector-specificcriteria for:

Assurance report

Post issuance verificationreport

Sustainalytics

Green bond rating

N/A☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience• SolarCertification Verifier
Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

Annual reports will be made available to the lenders and CBI. These reports will include detailsof the allocation of proceeds, the amount of installed generation capacity and the estimatedavoided GHG emissions

Company information

Noor Energy is a project SPV set up by ACWA Power, a Saudi Arabian power generation andwater desalination facility developer and owner with assets primarily across the Middle Eastand North Africa region, working in collaboration with the Silk Road Fund (China) and theDubai Electricity and Water Authority (UAE).

Firsts, records andcertifications

This is the first Certification to come from the Middle East region, and an OPEC member.

Proceeds description

When completed in 2022, this will be the largest Concentrated Solar Power (“CSP”) facility inthe world, with a design capacity of 700MW. It will be combined with 250MW of solar PV
generation to give a total capacity of 950MW.
The new facility will include 70,000 heliostats (mirrors) and cover an area of 44 square km. Thisdevelopment is the fourth phase of the Mohamed bin Rashid Solar Park, which is due tocomplete development in 2030, with a final design capacity of 5GW. The solar park is locatedapproximately 50km south of metropolitan Dubai.

Climate Bonds view

Dubai, as a member of the UAE, has a stated policy goal of 25% renewable electricity
generation target by 2050.

Underwriters

Agricultural Bank of China, Bank of China, China Everbright Bank, Industrial Bank andCommercial Bank of China, Natixis, Standard Chartered, Union National Bank, China Minsheng
Banking Corporation Limited, Commercial Bank International P.S.C., Commercial Bank of Dubai
P.S.C.

Deal comments
Credit Rating
Pricing summary
Investors summary
1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign