TAQA and partners complete $870.75mn Green Bond for Al Dhafra Solar Plant

Abu Dhabi National Energy Company (TAQA), along with its partners, announced the issuance of long-term Green Bonds to refinance Al Dhafra Solar Photovoltaic (PV) Independent Power Plant to the tune of $870.75 million (AED3.2 billion).

Apart from TAQA, the other stakeholders in the Al Dhafra project are Emirates Water and Electricity Company (EWEC), Abu Dhabi Future Energy Company (Masdar), EDF Power Solutions, and Jinko Power Technology.

The Green Bond issuance will be primarily used to refinance the plant’s existing debt obligations.

The issuance has a coupon of 5.794 per cent and maturing in June 2053. The Green Bonds are expected to be rated A3 by Moody’s and A by Standard and Poor’s.

Al Dhafra Solar secures green financing

Farid Al Awlaqi, Chief Executive Officer, TAQA’s Generation business, commented: “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 per cent 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 70GW (as of 30 September 2025), as it sets out to achieve its 2030 target of 150 GW.

Ahmed Ali Alshamsi, Chief Executive Officer, EWEC, added: “The green bond issue for Al Dhafra Solar PV is the second solar fixed income issuance EWEC has brought to market following the Noor Abu Dhabi green bond issued in early 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 redeployed for future solar PV projects.”

Ali Albeshr, Executive Managing Director, Al Dhafrah PV Energy Company, said the refinancing marks an important milestone for Al Dhafrah PV, reflecting the project’s stable operating performance, robust risk framework, and long-term cash flow visibility.

“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,” Albeshr said.

Charles Bai, President of Jinko Power International Business, added: “The successful green bond refinancing of the Al Dhafra Solar PV Plant is a remarkable validation of the project’s underlying asset quality, operational resilience, and long-term viability. It is also a strong vote and clear confidence of global capital markets in Abu Dhabi and bankable, utility-scale renewable energy assets.

Inaugurated in 2023, Al Dhafra Solar PV is one of the world’s largest single-site solar PV plants. The plant features almost four million solar panels that deploy innovative bi-facial technology to maximise energy yield. The plant also uses state-ofthe-art cleaning robots, powered by the plant itself, which operate without water, thereby delivering substantial water savings in contrast to traditional solar PVs.

TAQA holds a 40 per cent ownership interest in Al Dhafra PV, alongside Masdar with 20 per cent, while EDF Power Solutions and Jinko Power each hold a further 20 per cent stake.