Abu dhabi: Abu Dhabi National Energy Company PJSC (TAQA), along with Emirates Water and Electricity Company (EWEC), Abu Dhabi Future Energy Company (Masdar), EDF power solutions, and Jinko Power Technology Co. Ltd, announced the issuance of long-term Green Bonds to refinance Al Dhafra Solar Photovoltaic (PV) Independent Power Plant, amounting to a total of US$870.75 million (AED3.2 billion).
According to Emirates News Agency, the issuance, announced during Abu Dhabi Sustainability Week 2026, has a coupon of 5.794 percent and matures in June 2053. The Green Bonds are expected to be rated A3 by Moody’s and A by Standard and Poor’s. The issuance aims to refinance the plant’s existing debt obligations, coordinated by BNP Paribas and HSBC as Joint Global Coordinators. Cr©dit Agricole CIB, MUFG, Standard Chartered Bank, and SMBC acted as Joint Lead Managers and Bookrunners alongside BNP Paribas and HSBC.
The proceeds comply with the ICMA Green Bond Principles 2025 and the Climate Bonds Standard sector technical requirements for ‘Solar Energy’. Farid Al Awlaqi, CEO of TAQA’s Generation business, expressed satisfaction with the certification of Al Dhafra Solar PV Power Plant’s bonds as a 100 percent green asset. The plant is expected to save approximately 2.4 million metric tonnes of CO2 annually, reinforcing Abu Dhabi’s commitment to the energy transition strategy. TAQA aims to generate two-thirds of its power capacity from renewables by 2030.
Ahmed Ali Alshamsi, CEO of EWEC, noted that this is the second solar fixed income issuance EWEC has brought to market, following the Noor Abu Dhabi green bond in early 2022. Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized that the successful issuance demonstrates the ability of large-scale renewable projects to attract global capital.
Luc Koechlin, CEO Middle East of EDF Group, highlighted that the refinancing marks an important milestone, enabling the project’s certification as a 100 percent green asset. Charles Bai, President of Jinko Power International Business, stated that the refinancing is a strong vote of confidence in Abu Dhabi’s renewable energy assets.
Ali Albeshr, Executive Managing Director of Al Dhafrah PV Energy Company, indicated that the refinancing reflects the project’s stable operating performance and supports long-term operation in line with international standards. Inaugurated in 2023, Al Dhafra Solar PV is one of the world’s largest single-site solar PV plants, featuring almost four million solar panels with innovative technology to maximize energy yield. TAQA holds a 40 percent ownership interest in the plant, with Masdar, EDF power solutions, and Jinko Power each holding a 20 percent stake.
