$870.75 million Green Bonds issued for Al Dhafra Solar Plant

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).

The issuance, announced during Abu Dhabi Sustainability Week 2026, has a coupon of 5.794 per cent and maturing in June 2053. The Green Bonds are expected to be rated A3 by Moody’s and A by Standard and Poor’s.

The Green Bond issuance will be primarily used to refinance the plant’s existing debt obligations and was coordinated by BNP Paribas and HSBC as Joint Global Coordinators.

Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC acted as Joint Lead Managers and Bookrunners alongside BNP Paribas and HSBC.

The use of proceeds complies with the ICMA Green Bond Principles 2025 and the Climate Bonds Standard sector technical requirements for ‘Solar Energy’.

“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 percent green asset, testament to its current operational track record and projected future performance," said Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business.

The plant, he said, is expected to save approximately 2.4 million metric tonnes of CO₂ from being released annually, and with this issuance, further reinforces Abu Dhabi’s commitment to the wider energy transition strategy.

"TAQA is proud to be contributing to the transition with a target of two-thirds of our gross power capacity being generated from renewables by 2030," Al Awlaqi added.

TAQA has grown its power generation capacity to approximately 70 GW (as of 30th September 2025), as it sets out to achieve its 2030 target of 150 GW.

Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said that the green bond issue for Al Dhafra Solar PV is the second solar fixed income issuance EWEC has brought to market, following the Noor Abu Dhabi green bond issued in early 2022.

"Bringing fixed income investors into the power sector in Abu Dhabi secures competitive long-term capital and enhances investor relations in Abu Dhabi and the UAE, while also allowing financial capital to be re-deployed for future solar PV projects," he stated.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “Masdar is proud to have raised more than $2.75 billion in green bonds, and this latest successful issuance demonstrates how large-scale, bankable renewable energy projects can attract global capital while delivering affordable, secure, clean power."

"As one of the world’s largest single-site solar plants, Al Dhafra exemplifies Masdar’s commitment to mobilising sustainable finance to accelerate the global energy systems transformation,” he noted.

Luc Koechlin, Chief Executive Officer Middle East of EDF Group and EDF power solutions, said, “Inaugurated during COP28, the Al Dhafrah Solar PV Power Plant, developed by EDF power solutions alongside its partners, has demonstrated a strong operational track record by delivering innovative, clean energy solutions that power today 200,000 households."

He added that the $870.75 million refinancing marks an important milestone and enables the project’s certification as a 100 percent green asset.

“This green bond refinancing is supporting the continued operation and long-term resilience of the plant while contributing to the strengthening of the power system against the impacts of climate change and advancing Abu Dhabi’s energy transition ambitions. It also reinforces EDF’s role as a leading renewable energy developer, delivering low-carbon and innovative solutions through sustainable finance in the UAE,” Koechlin said.

Charles Bai, President of Jinko Power International Business, said that the successful green bond refinancing of the Al Dhafra Solar PV Plant is a strong vote and clear evidence of global capital markets' confidence in Abu Dhabi and bankable, utility-scale renewable energy assets.

"At Jinko Power, we remain firmly committed to partnering with leading sponsors, lenders, and institutional investors to deliver high-quality renewable infrastructure that meets the highest international standards. We believe that trust-based, long-term partnerships are fundamental to scaling sustainable investment, unlocking opportunities, and accelerating the global energy transition,” he added.

Ali Albeshr, Executive Managing Director of Al Dhafrah PV Energy Company, said, “This refinancing marks an important milestone for Al Dhafrah PV, reflecting the project’s stable operating performance, robust risk framework, and long-term cash flow visibility. The successful execution of the green bond further strengthens the project’s financial resilience and supports disciplined, long-term operation in line with international best practices and sustainability standards.”

Inaugurated in 2023, Al Dhafra Solar PV is one of the world’s largest single-site solar PV plants. The world-leading solar PV power plant features almost four million solar panels, which deploy innovative bi-facial technology to maximise energy yield.

The plant also uses state-of-the-art cleaning robots, powered by the plant itself, which operate without water, thereby delivering substantial water savings in contrast to traditional solar PV cleaning solutions.

TAQA holds a 40 percent ownership interest in Al Dhafra PV, alongside Masdar with 20 percent, while EDF power solutions and Jinko Power each hold a further 20 per cent stake.

WAM