Issuing green bonds worth 3.2 billion dirhams for the station project "Al Dhafra Solar Energy"

ABU DHABI, 16 JANUARY / WAM / Abu Dhabi National Energy Company “Taqa”, along with Emirates Water and Electricity Company, Abu Dhabi Future Energy Company “Masdar”, “EDF Power Solutions”, and “Ginko Power Technology Limited” “Ginko Power”, announced the issuance of long-term green bonds to refinance the “Al Dhafra Independent Solar Power Plant” project, with a total value amounting to 3.2 billion dirhams (870.75 million US dollars). During the activities of Abu Dhabi Sustainability Week 2026.

These bonds were issued at a coupon rate of 5.794% and are due for repayment in June 2053, while they are expected to receive a rating of “A3” from Moody’s and “A” from Standard & Poor’s.

The funds generated from these green bonds will be used mainly to refinance the station’s existing financial debt obligations.

The issuance was coordinated by BNP Paribas and HSBC as joint global coordinators.

Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC also served as joint lead managers and bookrunners, alongside BNP Paribas and HSBC.

The use of proceeds from the bonds is consistent with the Green Bond Principles issued by the International Capital Markets Association (ICMA) for the year 2025, and with the sectoral technical requirements of the standard approved by the Climate Bond Initiative for the “Solar Energy” category.

Farid Al-Awlaki, CEO of the Electricity Generation and Water Desalination Business Sector at TAQA, said: “After more than two years of full commercial operation, we are pleased that the bonds of the Al Dhafra Solar Photovoltaic Plant have been approved as fully green bonds, and this is due to its current operational record and future performance, as it is expected to contribute to reducing carbon dioxide emissions by about 2.4 million metric tons annually.

He added that the issuance of these green bonds reinforces the Emirate of Abu Dhabi’s commitment to its broader transformation strategy in the energy sector, expressing TAQA’s pride in contributing to achieving these goals, at a time when the company seeks to generate two-thirds of its total capacity from renewable energy sources by 2030.

TAQA had increased its electricity generation capacity to approximately 70 gigawatts by September 30, 2025, as part of its plans to increase its total capacity to 150 gigawatts by 2030.

For his part, Ahmed Ali Al Shamsi, CEO of Emirates Water and Electricity Company, said that the issuance of green bonds for the Al Dhafra Solar Photovoltaic Power Plant project represents the second offering of fixed income bonds in the field of solar energy implemented by Emirates Water and Electricity Company, after the issuance of “Noor Abu Dhabi” green bonds in early 2022.

He explained that attracting fixed income investors to the energy sector in Abu Dhabi contributes to providing competitive long-term financing, strengthening investor relations at the level of Abu Dhabi and the UAE, as well as providing the opportunity to redirect capital towards developing future solar photovoltaic projects.

He added that Emirates Water and Electricity Company continues to accelerate the pace of transition in the energy sector in the UAE by implementing qualitative projects in the field of renewable energy, looking forward to concluding new deals for upcoming projects in solar photovoltaic energy in a way that supports achieving sustainability goals.

For his part, Mohammed Jameel Al Ramahi, CEO of Masdar, expressed Masdar’s pride in its success in raising more than $2.75 billion through green bond issuances, which reflects the importance of major, bankable renewable energy projects and their ability to attract global capital, in addition to their important role in providing clean and safe energy at competitive prices, while the Al Dhafra plant, as one of the largest solar power plants on one site in the world, embodies Masdar’s commitment to stimulating sustainable financing and expanding its scope in a way that contributes to Accelerating efforts to develop the global energy system.

For his part, Luc Kochlin, CEO of the EDF Group and EDF Power Solutions in the Middle East, said that the Al Dhafra solar photovoltaic plant was inaugurated during the COP28 Conference of the Parties, which was developed by EDF Power and EDF Power Solutions in partnership with a number of partners, as it established strong operational performance by providing innovative clean energy solutions that contribute today to supplying… 200 thousand homes with electricity. He stressed that the refinancing of US$870.75 million constitutes a major milestone in the project’s journey, enabling it to obtain a 100% green asset rating.

Kochlin added that the refinancing process through green bonds contributes to supporting the continuity of the station’s operation and enhancing its flexibility in the long term, in addition to its role in strengthening the energy system in the face of the effects of climate change and advancing Abu Dhabi’s ambitions in the field of transformation in the energy sector. This step also enhances the role of EDF as a major player in developing renewable energy projects, by providing innovative and low-carbon solutions through sustainable financing tools in the UAE.

For his part, Charles Bay, President of International Business at Genco Power, said that the success of the green bond refinancing process for the Al Dhafra Solar Photovoltaic Plant is a prominent confirmation of the quality of the project’s assets, its operational efficiency, and the sustainability of its feasibility in the long term. He pointed out that this achievement reflects the clear confidence and strong support that the Emirate of Abu Dhabi enjoys from the global capital markets, in light of its financingable renewable energy projects on the public utility scale. At Jinko Power Company.

He stressed his firm commitment to continuing cooperation with the most prominent sponsors, financiers and institutional investors to develop high-quality infrastructure in the field of renewable energy, in accordance with the highest international standards, stressing that trust-based and long-term partnerships are an essential foundation for promoting sustainable investments, opening new horizons for growth, and accelerating the pace of transformation in the global energy sector.

For his part, Ali Al-Bishr, CEO of Al Dhafra Energy BV, said that this refinancing process represents an important step in the journey of Al Dhafra Energy Company, as it reflects the stable operational performance of the project, a strong approach to risk management, and clarity of long-term cash flows. The success of the green bond issuance also enhances the financial flexibility of the project and supports the continuity of its highly efficient operation, in line with international best practices and sustainability standards.

The Al Dhafra Solar Photovoltaic Plant was opened in 2023, and was considered, at the time, one of the largest solar power plants on a single site in operation in the world.

This world-leading station includes nearly four million innovative two-sided solar panels to increase energy production, and uses the latest cleaning robots of its kind in the world that operate on energy produced from the station itself and do not use any water, which contributes to saving large amounts of water compared to traditional solutions for cleaning solar panels.

TAQA owns a 40% stake in the station, Masdar 20%, while the other two partners, EDF Power Solutions and Ginko Power, each own a 20% stake in the station.

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