Long-term green bonds totaling $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 around 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 plant’s sole offtaker. At the time of commissioning in 2023, it was the world’s largest single-site solar plant, using almost four million solar panels to generate electricity for around 200,000 homes across the UAE.
The green bond issuance, which has a coupon of 5.794% and maturing in June 2053, will be primarily used to refinance the plant’s existing debt obligations. Luc Koechlin, EDF Group’s Chief Executive Officer Middle East, added that it will support the continued operation and long-term resilience of the plant while contributing to the strengthening of the power 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 as joint lead managers and bookrunners alongside the pair.
EWEC Chief Executive Officer, Ahmed Ali Alshamsi, explained the green bond issue is the second solar fixed income issuance EWEC has brought to market after issuing green bonds for the Noor Abu Dhabi project in 2022.
“Bringing fixed income investors into the power sector in Abu Dhabi secures competitive long-term capital and enhances investor relations in Abu Dhabi and the UAE, while also allowing financial capital to be re-deployed for future solar PV projects,” Ali Alshamsi 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,” added Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business.
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