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Masdar, the UAE’s renewable energy company, is set to publish its first green finance framework in weeks. This will allow it to issue its first-ever green bonds, stated its chief executive.
CEO Mohamed Jameel Al Ramahi stated that Masdar would be ready to issue its first green bond in the year 2023 and that the company will continue to do so subject to market conditions. He spoke at the Abu Dhabi Sustainable Finance Forum.
Recently, TAQA, Mubadala Investment Company, as well as Abu Dhabi National Oil Company announced to become shareholders of Masdar with stakes of 43%, 33%, and 24%.
Al Ramahi stated that Fitch and Moody’s have reaffirmed the A+ and A2 credit ratings they assigned to them in 2021 after the company’s shareholding structure was changed.
In October, the sovereign wealth fund of Saudi Arabia raised $3 billion in green bond proceeds in order to finance its maiden debt issue.
The UAE is set for this year’s COP28 Climate Summit. Last week, Sultan al-Jaber, head of ADNOC to lead it. He is also the chairman of Masdar and its CEO.