Joint owners of the 2 GW Al Dhafra solar power plant Abu Dhabi National Energy Company, Abu Dhabi Future Energy Company, EDF Power Solutions and Jinko Power, together with off-taker Emirates Water and Electricity Company, issued the green bonds to refinance the plant’s existing debt obligations and support its continued operation.
Long-term green bonds worth a total of $870.75 million have been issued to refinance the Al Dhafra solar power plant near Abu Dhabi. UAE.
The bonds were issued by a consortium of Abu Dhabi National Energy Company (TAQA), Emirates Water and Electricity Company (EWEC), Abu Dhabi Future Energy Company (Masdar), EDF Power Solutions and Jinko Power during Abu Dhabi Sustainability Week 2026.
The 2 GW Al-Dhafra project, located approximately 35 kilometers from Abu Dhabi, is 40% owned by TAQA, while Masdar owns 20% and EDF and JinkoPower share the remaining 40%. EWEC is the only customer of the factory. At the time of commissioning in 2023It was the world’s largest single-site solar power plant, using nearly four million solar panels to generate electricity for around 200,000 homes in the UAE.
The green bond issuance, with a coupon of 5.794% and a maturity date of June 2053, will mainly be used to refinance the factory’s existing debt obligations. Luc Koechlin, Chief Executive Officer Middle East of the EDF Group, added that it will support the continued operation and long-term resilience of the plant while contributing to the strengthening of the energy system.
The issuance was coordinated by BNP Paribas and HSBC as joint global coordinators, with Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC acting alongside the pair as joint lead managers and bookrunners.
EWEC Chief Executive Officer, Ahmed Ali Alshamsi, explained that the green bond issuance is the second fixed income solar issuance that EWEC has launched following the green bond issuance for the Noor Abu Dhabi project in 2022.
“Bringing fixed income investors into Abu Dhabi’s energy sector will secure competitive long-term capital and improve investor relations in Abu Dhabi and the UAE, while also enabling financial capital to be redeployed to future solar projects,” said Ali Alshamsi.
“After more than two years of full commercial operations, we are pleased that Al Dhafra Solar PV Power Plant’s bond issuance has been certified as a 100% green asset, demonstrating its current operational track record and expected future performance,” said Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business.
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