Abu Dhabi, United Arab Emirates : During Abu Dhabi Sustainability Week 2026, Abu Dhabi National Energy Company PJSC (TAQA), along with Emirates Water and Electricity Company, Abu Dhabi Future Energy Company (Masdar), EDF Power Solutions, and Jinko Power Technology Limited (Jinko Power), announced the issuance of long-term green bonds to refinance the Al Dhafra Independent Solar Power Plant project with a total value of AED 3.2 billion (US$870.75 million).

These bonds were issued at a coupon rate of 5.794% and are due in June 2053. They are expected to receive an A3 rating from Moody's and an A rating from Standard & Poor's.

The funds raised from these green bonds will be used primarily to refinance the plant's existing financial debt obligations. BNP Paribas and HSBC acted as joint global coordinators for the issuance. Crédit Agricole CIB, MUFG, Standard Chartered Bank, and SMBC also served as joint lead managers and bookrunners, alongside BNP Paribas and HSBC .

The use of proceeds from the bonds is consistent with the International Capital Market Association ( ICMA ) Green Bond Principles 2025 and with the sectoral technical requirements of the Climate Bonds Initiative standard for the "solar" category.

On this occasion, Farid Al-Awlaqi, CEO of Power Generation and Water Desalination at TAQA , said: “ After more than two years of full commercial operation, we are pleased that the Al Dhafra Solar PV plant’s bonds have been certified as fully green bonds. This is due to its current operational track record and future performance, as it is expected to contribute to reducing carbon dioxide emissions by approximately 2.4 million metric tons annually. The issuance of these green bonds also reinforces the Emirate of Abu Dhabi’s commitment to its broader energy transformation strategy. We at TAQA are proud to contribute to achieving these goals, as the company strives to generate two-thirds of its total capacity from renewable energy sources by 2030. ”

TAQA had raised its electricity generation capacity to approximately 70 gigawatts by September 30, 2025, as part of its plans to increase its total capacity to 150 gigawatts by 2030 .

For his part, Ahmed Ali Al Shamsi, CEO of Emirates Water and Electricity Company (EWEC), said: “The issuance of green bonds for the Al Dhafra Solar PV Power Plant project represents EWEC’s second fixed-income bond offering in the solar energy sector, following the issuance of Noor Abu Dhabi green bonds in early 2022. Attracting fixed-income investors to Abu Dhabi’s energy sector contributes to providing competitive long-term financing, strengthening investor relationships at the Abu Dhabi and UAE levels, and providing an opportunity to redirect capital towards developing future solar PV projects. EWEC continues to accelerate the pace of the energy transition in the UAE by implementing high-quality renewable energy projects, and we look forward to closing new deals for upcoming solar PV projects that support the achievement of sustainability goals .”

For his part, Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Masdar is proud of its success in raising more than $2.75 billion through green bond issuances, which reflects the importance of large, bankable renewable energy projects and their ability to attract global capital, in addition to their important role in providing clean, safe and competitively priced energy. The Al Dhafra plant, as one of the largest single-site solar power plants in the world, embodies Masdar’s commitment to stimulating and expanding sustainable finance, which contributes to accelerating efforts to develop the global energy system .”

Luc Couchlin, CEO of EDF Group and EDF Power Solutions Middle East, commented: “The Al Dhafra photovoltaic solar power plant, launched during COP28 , was developed by EDF Power and EDF Power Solutions in partnership with several partners. It has established a strong operational performance by providing innovative clean energy solutions that today contribute to supplying electricity to 200,000 homes. The refinancing of US$870.75 million is a major milestone for the project, enabling it to achieve a 100 % green asset rating.”

He added: “The refinancing process through green bonds contributes to supporting the continuity of the station’s operation and enhancing its long-term resilience, as well as its role in strengthening the energy system in the face of the effects of climate change and driving Abu Dhabi’s ambitions in the field of energy transformation. This step also reinforces EDF’s role as a key player in developing renewable energy projects, by providing innovative and low-carbon solutions through sustainable financing instruments in the UAE .”

Charles Bay, Head of International Business at Jinko Power, said: “The successful refinancing of the Al Dhafra Solar PV Plant green bonds is a significant affirmation of the project’s asset quality, operational efficiency, and long-term viability. This achievement also reflects the clear confidence and strong support that Abu Dhabi enjoys from global capital markets, given its portfolio of renewable energy projects with readily available utility-scale financing. At Jinko Power, we reaffirm our unwavering commitment to continuing to collaborate with leading sponsors, financiers, and institutional investors to develop high-quality renewable energy infrastructure in accordance with the highest international standards. We believe that long-term, trust-based partnerships are essential for fostering sustainable investments, unlocking new growth opportunities, and accelerating the global energy transition . ”

Ali Al Bishr, CEO of Al Dhafra BV Power, said : “This refinancing represents an important milestone for Al Dhafra Power, reflecting the project’s stable operational performance, strong risk management approach, and clear long-term cash flows. The successful issuance of green bonds further enhances the project’s financial resilience and supports its continued efficient operation, in line with international best practices and sustainability standards.”

The Al Dhafra Solar Photovoltaic Power Plant was inaugurated in 2023 and was considered at the time one of the largest single-site solar power plants in operation in the world. This world-leading plant comprises nearly four million innovative bifacial solar panels to maximize energy production and utilizes the world’s most advanced cleaning robots, powered by the plant’s own energy and requiring no water, thus saving significant amounts of water compared to traditional solar panel cleaning methods.

TAQA owns a 40% stake in the plant, Masdar owns 20%, while the other two partners, EDF Power Solutions and Jinko Power, each own a 20% stake in the plant.

For media inquiries : ( media.hq@taqa.com )

About Abu Dhabi National Energy Company "TAQA":

Established in 2005, TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX) under the symbol TAQA . TAQA has significant investments in power generation, water desalination, electricity and water transmission and distribution assets, water treatment and reuse, as well as oil and gas exploration, production, transportation, and storage. TAQA owns and operates assets across 25 countries. For more information, please visit www.taqa.com and follow us on LinkedIn , Twitter , Instagram , and YouTube using the hashtag @TAQAGroup .

About Emirates Water and Electricity Company :

The Emirates Water and Electricity Company (EWEC) is the sole entity responsible for the purchase and supply of water and electricity in the Emirate of Abu Dhabi. It also leads the planning and demand forecasting processes, contracts with production companies, and the operation of water and electricity transmission networks. EWEC fulfills these responsibilities by carefully balancing supply and demand for distribution companies and relevant authorities in the short and long term in Abu Dhabi and several other emirates. EWEC supports the Abu Dhabi and UAE government's objectives of ensuring a cleaner, larger, and more integrated water supply at the lowest possible cost .

The Emirates Water and Electricity Company (EWEC) is implementing the " 60 % Clean Energy" initiative in collaboration with the Abu Dhabi Department of Energy, as outlined in the Clean Energy Strategy 2035 for electricity generation in the Emirate of Abu Dhabi. This initiative also contributes to achieving the UAE Water Security Strategy 2036 , the UAE Energy Strategy 2050 , and the country's strategic initiative to achieve climate neutrality by 2050. EWEC is accelerating the energy transition plan in Abu Dhabi and the UAE by diversifying the country's energy mix through the development and deployment of renewable and clean energy, as well as low-carbon desalination technologies. EWEC is a subsidiary of ADQ , one of the region's largest holding companies, which has a diverse portfolio of leading companies operating in key sectors of Abu Dhabi's diversified economy. For more information, please visit www.ewec.ae.

For media inquiries, please contact us via email at communications@ewec.ae

About "Masdar " :

Abu Dhabi Future Energy Company “Masdar”, a global leader in the clean energy sector, was established in 2006. The company plays a leading role in global efforts to bring about a qualitative shift in the energy sector, through investing in, developing and operating global projects that deliver commercial returns and provide clean and reliable energy at an affordable cost.

Masdar has more than 20 years of experience in renewable energy and has a diversified, low-risk portfolio of projects with a total capacity exceeding 65 gigawatts, spread across the globe, including the world’s fastest-growing energy markets.

With the support of its owners – Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC), and Mubadala Investment Company (Mubadala) – Masdar continues to expand its global presence, aiming to increase its production capacity to 100 gigawatts by 2030, thereby strengthening its role in accelerating the transition towards a more sustainable future.

For media inquiries, please contact us via email at: press@masdar.ae

For more information, please visit: https://www.masdar.ae or our social media pages: www.facebook.com/masdar.ae and www.twitter.com/masdar

About EDF Power Solutions

EDF Power Solutions is a global energy player that combines the expertise of EDF Renewables and the international business arm of the EDF Group. It develops, builds, and operates renewable and low-carbon power generation facilities, as well as flexible energy and electricity transmission solutions. The company delivers competitive and responsible value-added projects, reflecting its role as a key contributor to the global energy transformation . With teams in 25 countries, EDF Power Solutions demonstrates its commitment to local partners by leveraging its expertise and innovative capabilities to address climate change challenges, operating a total installed capacity of 31 GW worldwide. The company draws on its technological and commercial expertise and deep knowledge of local markets to develop innovative solutions that support the reduction of carbon emissions and the development of more efficient electricity systems .

EDF Power Solutions offers a wide range of low-carbon electricity generation technologies, including wind, solar, hydroelectric, and biomass power, as well as solutions that enhance energy system flexibility, such as battery energy storage, pumped-storage hydroelectric plants, and low-carbon hybrid thermal solutions. EDF also provides solutions that help reduce customers' carbon footprint, such as electric mobility, hydrogen, and off-grid solutions. For more information, please visit www.uae.edf.com .

Follow us on LinkedIn : https://www.linkedin.com/company/edfmiddleeast

About "Genco Power"

Founded in 2011, Jinko Power is a leading global independent power producer that develops, builds, finances, owns, and operates solar energy projects worldwide, with a firm commitment to making solar power one of the most sustainable and competitive energy sources globally .

As of September 2025, Jinko Power's operational capacity in China's independent power producer (IPP) sector reached approximately 6 GW, in addition to nearly 4.35 GW of developed, built, and commissioned solar power projects internationally. This diversified global portfolio includes the world's largest single-site solar power plant in operation. The company continues to develop a multi-GW project portfolio in key markets including the Middle East, Europe, Latin America, and the Asia Pacific region . For more information, please visit: www.jinkopower.com

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