UAE's Masdar Plans More Green Bonds After Debut $750 Million Sale - Bloomberg
The United Arab Emirates’ clean-energy producer Masdar expects to issue more green bonds next year after completing a $750 million debut sale.
The company, also known as Abu Dhabi Future Energy Co., is keen to develop and acquire projects, including in the US and Europe, Chief Financial Officer Niall Hannigan said in an interview on Wednesday. Masdar is seeking to become an investor in renewable projects totaling 100 gigawatts of capacity by the end of the decade.
The proceeds from the first-ever green bond issuance this week will be used to finance investments in clean energy projects in Uzbekistan and Azerbaijan, Hannigan said. Masdar plans to raise a total of $3 billion via bonds to fund acquisitions in the UAE and overseas, according to a statement earlier.
The UAE is pushing for more green projects — with plans for $54 billion of renewables over the next seven years — as part of a goal to reach net-zero emissions by the middle of the century. The country, which is still dominated by oil, is also hosting the key COP28 climate conference later this year.
Abu Dhabi National Energy Co., also known as Taqa, became a shareholder in Masdar in late 2022. It was agreed at the time that Masdar would take a 60% stake in all future renewable energy projects developed in Abu Dhabi.
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