Abu Dhabi National Energy Company PJSC (TAQA), together with Emirates Water and Electricity Company (EWEC), Abu Dhabi Future Energy Company (Masdar), EDF Power Solutions and Jinko Power Technology Co. Ltd, has announced the issuance of long-term Green Bonds worth USD 870.75 million (AED3.2 billion) to refinance the Al Dhafra Solar Photovoltaic (PV) Independent Power Plant.
Unveiled during Abu Dhabi Sustainability Week 2026, the bond issuance carries a coupon rate of 5.794 per cent and matures in June 2053. The Green Bonds are expected to receive ratings of A3 from Moody’s and A from Standard & Poor’s.
Proceeds from the Green Bonds will be mainly allocated towards refinancing the project’s existing debt, with BNP Paribas and HSBC acting as Joint Global Coordinators for the transaction.
Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC served as Joint Lead Managers and Bookrunners alongside BNP Paribas and HSBC.
The allocation of proceeds adheres to the ICMA Green Bond Principles 2025 and meets the Climate Bonds Standard’s sector-specific technical criteria for solar energy projects.
Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business, said that following more than two years of full commercial operations, the Al Dhafra Solar PV Power Plant’s bond issuance has been certified as a fully green asset, reflecting both its operational performance to date and its long-term outlook.
He added that the plant is expected to prevent around 2.4 million metric tonnes of carbon dioxide emissions each year, with the issuance further underscoring Abu Dhabi’s commitment to advancing its broader energy transition strategy.
