Abu Dhabi National Energy Company (TAQA), in partnership with Emirates Water and Electricity Company (EWEC), Masdar, EDF Power Solutions, and Jinko Power Technology, has announced the issuance of $870.75 million (AED3.2 billion) in long-term green bonds. The proceeds will primarily refinance existing debt for the Al Dhafra Solar Photovoltaic (PV) Independent Power Plant. The bonds carry a coupon of 5.794 per cent and mature in June 2053. Ratings are expected at A3 by Moody’s and A by Standard & Poor’s.
Green financing reinforces operational and sustainability goals
Farid Al Awlaqi, CEO of TAQA’s Generation business, noted, “After more than two years of full commercial operations, we are pleased that Al Dhafra Solar PV Power Plant’s bonds’ issuance has been certified as a 100 per cent green asset, testament to its current operational track record and projected future performance.” Moreover, the plant is expected to save approximately 2.4 million metric tonnes of CO₂ annually, supporting Abu Dhabi’s wider energy transition strategy. TAQA aims to generate two-thirds of its gross power capacity from renewables by 2030, building on its current 70GW capacity.
Ahmed Ali Alshamsi, CEO of EWEC, added that the issuance is the second solar fixed-income instrument EWEC has brought to market, following the Noor Abu Dhabi green bond in 2022. He noted that tapping fixed-income investors strengthens financial resilience while enabling capital redeployment for future solar PV projects. Ali Albeshr, Executive Managing Director of Al Dhafrah PV Energy Company, said the refinancing reflects the project’s stable performance, strong risk framework, and long-term cash flow visibility.
Project scale and technological innovation
Inaugurated in 2023, Al Dhafra Solar PV is among the world’s largest single-site solar plants, featuring nearly four million bi-facial solar panels. The plant employs advanced cleaning robots powered by the facility itself, achieving significant water savings compared with conventional solar PV systems. Ownership is divided among TAQA (40%), Masdar (20%), EDF Power Solutions (20%), and Jinko Power (20%). Charles Bai, President of Jinko Power International Business, emphasised that the successful green bond issuance underscores both the project’s operational resilience and investor confidence in Abu Dhabi’s utility-scale renewable energy assets.
The refinancing is expected to enhance long-term financial sustainability while supporting Abu Dhabi’s renewable energy ambitions and demonstrating international market confidence in green infrastructure investments.
