Abu Dhabi’s Al Dhafra Solar Plant Secures $870.75 Million Green Bond Financing For Sustainable Operations

Abu Dhabi National Energy Company PJSC (TAQA), in collaboration with Emirates Water and Electricity Company (EWEC), Abu Dhabi Future Energy Company (Masdar), EDF Power Solutions, and Jinko Power Technology Co. Ltd, has announced the successful issuance of US$870.75 million in Green Bonds to refinance the Al Dhafra Solar Photovoltaic (PV) Independent Power Plant. The announcement was made during Abu Dhabi Sustainability Week 2026. The bonds, which have a coupon rate of 5.794 percent and mature in June 2053, are expected to receive an A3 rating from Moody’s and an A rating from Standard and Poor’s.

The funds from the green bond issuance will primarily be used to refinance the plant’s existing debt. BNP Paribas and HSBC acted as Joint Global Coordinators for the transaction, while Crédit Agricole CIB, MUFG, Standard Chartered Bank, and SMBC served as Joint Lead Managers and Bookrunners alongside BNP Paribas and HSBC. The use of proceeds aligns with the ICMA Green Bond Principles 2025 and meets the Climate Bonds Standard technical requirements for solar energy projects.

Farid Al Awlaqi, CEO of TAQA’s Generation business, highlighted that the issuance certifies the Al Dhafra Solar PV plant as a 100 percent green asset, reflecting both its operational performance and projected future results. The plant is expected to prevent approximately 2.4 million metric tonnes of CO₂ emissions annually, supporting Abu Dhabi’s broader energy transition goals. TAQA aims to generate two-thirds of its total power capacity from renewable sources by 2030 and has grown its generation capacity to around 70 GW as of September 2025, with a target of 150 GW by 2030.

Ahmed Ali Alshamsi, CEO of EWEC, noted that this green bond is EWEC’s second solar-focused fixed-income issuance, following the Noor Abu Dhabi green bond in 2022. He emphasized that such issuances attract long-term capital, strengthen investor relations, and allow reinvestment in future solar projects. Mohamed Jameel Al Ramahi, CEO of Masdar, added that the issuance underscores the potential of large-scale renewable energy projects to attract global investment while delivering affordable and clean energy.

EDF Group’s Middle East CEO, Luc Koechlin, said that the plant has powered 200,000 households and reinforced Abu Dhabi’s energy transition ambitions. He added that the refinancing supports the plant’s long-term resilience while strengthening the power system against climate change. Charles Bai, President of Jinko Power International Business, highlighted that the refinancing reflects strong investor confidence in Abu Dhabi’s utility-scale renewable energy assets.

Al Dhafra Solar PV, inaugurated in 2023, is one of the world’s largest single-site solar plants, featuring nearly four million solar panels with bi-facial technology and water-free cleaning robots to enhance efficiency and save resources. TAQA holds a 40 percent stake in the project, Masdar 20 percent, and EDF Power Solutions and Jinko Power each hold 20 percent. The successful green bond issuance marks a significant milestone in ensuring financial resilience and supporting the long-term sustainable operation of the plant.