The UAE’s state-owned renewables developer Masdar has hired banks for its debut green bonds issuance, Reuters reports, citing a bank document it has seen. A 10-year benchmark-sized issuance — usually set at a minimum USD 500 mn — will follow, subject to market conditions, according to the newswire.

Advisors: The document showed that Citi and First Abu Dhabi Bank were hired as joint global coordinators, while BNP Paribas, HSBC, SMBC Nikko, Societe Generale and Standard Chartered have been tapped as joint lead managers and joint bookrunners. They have been asked to start holding investor calls yesterday ahead of the green bond sale.

We knew this was coming: The planned issuance comes nearly a month after Masdar’s CEO Mohamed Al Ramahi told Bloomberg that Masdar is looking to issue a USD 500-700 mn maiden green bond.

It’s been an eventful summer for Masdar: Masdar signed a roadmap agreement last month with Kazakhstan to develop a wind farm in the southern part of the country with a potential production volume of 1 GW with a battery energy storage systems (BESS) facility. It also submitted with Saudi renewables giant Acwa Powerbids to develop the 1.8 GW sixth phase of Dubai’s mega scale Mohammed bin Rashid Al Maktoum Solar Park.

REMEMBER– Interest in green and sustainable finance issuance has been on the rise in the region in recent months ahead of COP28 in the UAE. The MENA region reported a 532% y-o-y rise in green and sustainable finance to USD 24.55 bn in 2021, up from USD 3.8 bn a year earlier, according to a report by consultancy Arthur D Little. The UAE saw a 32% y-o-y increase in its green and sustainable finance issuance last year.

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