A group of energy companies from Abu Dhabi and around the world have raised $870.75 million from a green bond issuance to refinance the existing debt of the UAE's Al Dhafra solar power plant.
The Abu Dhabi National Energy Company, also known as Taqa, Emirates Water and Electricity Company, Masdar, EDF Power and Jinko Power issued the long-term green bond, the companies said in a joint statement on Friday. The issuance has a coupon of 5.794 per cent and matures in June 2053.
“After more than two years of full commercial operations ... 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," said Farid Al Awlaqi, chief executive of Taqa's generation business.
The issuance "further reinforces Abu Dhabi’s commitment to the wider energy transition strategy", he added.
The 2 gigawatt Al Dhafra plant, inaugurated in 2023, is one of the world's largest solar projects. It supplies power to 200,000 homes and is expected to cut Abu Dhabi's carbon dioxide emissions by more than 2.4 million tonnes annually, equal to removing about 470,000 cars from the roads.
Taqa holds a 40 per cent ownership interest in Al Dhafra project, while Masdar, French company EDF power solutions and China's Jinko Power each hold a 20 per cent stake.
Clean energy capacity in the UAE is expected to exceed 22 gigawatts by 2031 as the country sharpens its focus on renewables to meet increasing demand from data centres, Suhail Al Mazrouei, Minister of Energy and Infrastructure, said in December 2025. With the additional capacity added by 2031, clean energy would account for "35 per cent of the baseload", he said.
Al Dhafra plant's green bond issuance was co-ordinated by BNP Paribas and HSBC. Credit Agricole CIB, MUFG, Standard Chartered Bank and SMBC acted as joint lead managers and bookrunners.
"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 redeployed for future solar PV projects," said Ahmed Ali Alshamsi, chief executive of Ewec.
The green bond is the second solar-power fixed income issuance that Ewec has brought to market following the Noor Abu Dhabi green bond issued in early 2022.
Abu Dhabi's clean energy company Masdar, which has raised more than $2.75 billion in green bonds, said the latest issuance showed "how large-scale, bankable renewable energy projects can attract global capital while delivering affordable, secure, clean power", its chief executive Mohamed Al Ramahi said.
