TAQA, EWEC, Masdar, EDF Power Solutions, And Jinko Power Complete US $870.75 Million Green Bond For Al Dhafra Solar Plant

Abu Dhabi, UAE - 16 January 2026: During Abu Dhabi Sustainability Week 2026, Abu Dhabi National Energy Company PJSC ('TAQA'), along with Emirates Water and Electricity Company ('EWEC'), Abu Dhabi Future Energy Company ('Masdar'), EDF power solutions, and Jinko Power Technology Co. Ltd ('Jinko Power'), together announced the issuance of long-term Green Bonds to refinance Al Dhafra Solar Photovoltaic (PV) Independent Power Plant amounting to a total of US $870.75 million (AED 3.2 billion).

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

The Green Bond issuance will be primarily used to refinance the plant's existing debt obligations and was coordinated by BNP Paribas and HSBC as Joint Global Coordinators. Crdit Agricole CIB, MUFG, Standard Chartered Bank and SMBC acted as Joint Lead Managers and Bookrunners alongside BNP Paribas and HSBC.

The use of proceeds complies with the ICMA Green Bond Principles 2025 and the Climate Bonds Standard sector technical requirements for 'Solar Energy'.

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.

He added: 'This green bond refinancing is supporting the continued operation and long-term resilience of the plant while contributing to the strengthening of the power system against the impacts of climate change and advancing Abu Dhabi's energy transition ambitions. It also reinforces EDF's role as a leading renewable energy developer, delivering low-carbon and innovative solutions through sustainable finance in the UAE.'

Charles Bai, President of Jinko Power International Business, commented: '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. At Jinko Power, we remain firmly committed to partnering with leading sponsors, lenders, and institutional investors to deliver high-quality renewable infrastructure that meets the highest international standards. We believe that trust-based, long-term partnerships are fundamental to scaling sustainable investment, unlocking opportunities, and accelerating the global energy transition.'

Ali Albeshr, Executive Managing Director, Al Dhafrah PV Energy Company, said: 'This 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.'

Inaugurated in 2023, Al Dhafra Solar PV is one of the world's largest single-site solar PV plants. The world-leading solar PV power plant features almost four million solar panels which deploy innovative bi-facial technology to maximise energy yield. The plant also uses state-of-the-art 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.

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