Masdar lists its first green bond on the London Stock Exchange. Photo: Masdar
Masdar lists its first green bond on the London Stock Exchange. Photo: Masdar
Masdar lists its first green bond on the London Stock Exchange. Photo: Masdar
Masdar lists its first green bond on the London Stock Exchange. Photo: Masdar

Masdar lists its debut $750 million green bond on London Stock Exchange


Shweta Jain
  • English
  • Arabic

Abu Dhabi clean energy company Masdar on Monday listed its first green bond on the London Stock Exchange to fund its new clean energy projects.

Masdar completed its issuance for the $750 million green bond offering on July 19 through the sale of 10-year senior unsecured notes. The offering was 5.6 times oversubscribed, with the order book peaking at $4.2 billion, following strong appetite from regional and international investors.

“This is a defining moment for Masdar and climate finance … The demand for green bonds is extremely high and will enable investment in renewable energy projects, many of which will be in developing economies and climate-vulnerable countries,” Dr Sultan Al Jaber, Cop28 President-designate and chairman of Masdar, said in a statement on Monday.

The successful issuance of Masdar green bonds will support the aim of the tripling of global renewable energy capacity by 2030, “by helping to provide funding towards renewable energy projects where they are needed most”, added Dr Al Jaber, who is also the UAE Minister of Industry and Advanced Technology.

Masdar aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade. The company is active in more than 40 countries and has invested in or committed investments to projects worth more than $30 billion. It is also targeting green hydrogen production of one million tonnes per annum by 2030.

The market for green and sustainable bonds and sukuk is booming, specifically in GCC economies, as governments in the oil-rich economic bloc push to meet their net-zero commitments.

Total GCC green and sustainable bond and sukuk issuances last year reached a record $8.5 billion from 15 deals, compared with $605 million from six deals in 2021, amid increased participation from banks and government-related entities, data from Bloomberg’s Capital Markets League Tables showed.

Masdar’s green bond is the first part of a programme to raise up to $3 billion to meet the company’s equity funding commitments on new renewable energy projects at home and overseas, as it seeks to grow its global portfolio of capacity.

Masdar is also planning a secondary listing of its green bond offering later this year on the Abu Dhabi Securities Exchange, the company said on Monday.

Proceeds from all bond offerings under the programme will be deployed towards the greenest projects in the renewables sector, including solar, wind, renewable power transmission and distribution infrastructure, and battery storage assets.

The proceeds of Masdar’s debut green bond on the LSE "will support renewable energy projects ... Our markets are helping to accelerate the low-carbon transition by providing access to capital for companies, funds and governments worldwide”, said Julia Hoggett, chief executive of LSE and head of Equities, Capital Markets at the London Stock Exchange Group.

The success of Masdar’s debut green bond issuance follows the publication of Masdar's innovative Green Bonds Framework, published in March, said Mohamed Al Ramahi, chief executive of Masdar.

The move is "part of a broader programme to fund our ambitious growth plans", he said.

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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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UAE currency: the story behind the money in your pockets
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Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

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COMPANY%20PROFILE
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Travel destination: Cyprus in the summer

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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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PROVISIONAL FIXTURE LIST

Premier League

Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm 

Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm  

Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm 

Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm 

Monday, June 22 Manchester City v Burnley 11pm (Sky)

Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm 

Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm

Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm

Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm 

Monday June 29 Crystal Palace vs Burnley 11pm

Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm 

Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm

Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm

 

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Based: Bangalore, India

Sector: Health & wellness

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

Updated: August 07, 2023, 2:51 PM`