Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) and alliance issued long-term green bonds to refinance Al Dhafra solar PV power plant, amounting to a total of $870.75 million (AED 3.20 billion).
Emirates Water and Electricity Company (EWEC), Abu Dhabi Future Energy Company (Masdar), EDF Power Solutions, and Jinko Power Technology Company Limited joined the transaction, according to a press release.
Expected to be rated A3 by Moody’s and A by Standard and Poor’s, the offering has a coupon of 5.794% and maturing in June 2053.
The issuance will be mainly used to refinance the plant’s existing debt obligations and was coordinated by BNP Paribas and HSBC as Joint Global Coordinators. Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC acted as Joint Lead Managers and Bookrunners alongside BNP Paribas, and HSBC.
Farid Al Awlaqi, Chief Executive Officer, TAQA’s Generation business, said: “After more than two years of full commercial operations, we are pleased that Al Dhafra Solar PV Power Plant’s bonds’ issuance has been certified as a 100% green asset, testament to its current operational track record and projected future performance. The plant is expected to save approximately 2.4 million metric tonnes of CO₂ from being released annually, and with this issuance, further reinforces Abu Dhabi’s commitment to the wider energy transition strategy. TAQA is proud to be contributing to the transition with a target of two-thirds of our gross power capacity being generated from renewables by 2030.”
TAQA has grown its power generation capacity to approximately 70 GW (as of 30 September 2025), as it sets out to achieve its 2030 target of 150 GW.
Luc Koechlin, CEO of Middle East, EDF Group and EDF power solutions, commented: “Inaugurated during COP28, the Al Dhafrah Solar PV Power Plant, developed by EDF power solutions alongside its partners, has demonstrated a strong operational track record by delivering innovative, clean energy solutions that power today 200,000 households.”
Ali Albeshr, Executive Managing Director, Al Dhafrah PV Energy Company, said: “. The successful execution of the green bond further strengthens the project’s financial resilience and supports disciplined, long-term operation in line with international best practices and sustainability standards.”
Inaugurated in 2023, Al Dhafra Solar PV plant is one of the world’s largest single-site solar PV plants. It deploys advanced cleaning robots, powered by the plant itself, which operate without water, thereby delivering substantial water savings in contrast to traditional solar PV cleaning solutions.
TAQA holds a 40% ownership interest in Al Dhafra PV, alongside Masdar with 20%, while EDF power solutions and Jinko Power each hold a further 20% stake.
