{"id":76047,"date":"2023-02-15T02:00:57","date_gmt":"2023-02-15T02:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/02\/15\/uaes-taqa-has-green-bonds-in-its-sights\/"},"modified":"2023-02-15T02:00:57","modified_gmt":"2023-02-15T02:00:57","slug":"uaes-taqa-has-green-bonds-in-its-sights","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/02\/15\/uaes-taqa-has-green-bonds-in-its-sights\/","title":{"rendered":"UAE\u2019s Taqa has green bonds in its sights"},"content":{"rendered":"

<\/a> UAE state-owned Abu Dhabi National Energy Company (Taqa) plans to<\/strong> issue \u201cseveral USD hundred mn\u201d of green bonds in 2023<\/strong> for specific projects, Taqa CEO Jasim Husain Thabet tells Bloomberg<\/a>. No details were given on which projects specifically were being tapped for investment, or the detailed timeframe of any green bond issuances.<\/p>\n

It\u2019s all part of Taqa\u2019s growth plan:<\/strong> Taqa aims to sell bonds, acquire assets, and expand in both its core industries \u2014 power generation and desalination \u2014 and nascent sectors like renewable energy, as part of its overall growth strategy, according to Bloomberg. \u201cOur focus is on growth,\u201d Thabet said, adding that the company was \u201cin discussions\u201d over possible agreements and would follow through on any offering value to shareholders.<\/p>\n

And follows the trend of oil revenues driving renewables activity: <\/strong>Gains in its oil and gas businesses have fueled Taqa\u2019s push to expand in renewable energy projects, Bloomberg noted. Taqa saw its net income rise 35% y-o-y in 2022<\/a>, spurred by soaring oil prices that averaged nearly USD 100\/ barrel. This trend has also been seen<\/a> in GCC sovereign wealth funds (SWFs), with high oil prices and currency stability boosting inflows \u2014 much of which is then being directed to green investment \u2014 according to a January report<\/a> by data platform Global SWF<\/a>.<\/p>\n

This follows Masdar\u2019s recently announced plans for a USD 750 mn maiden green bond <\/strong>issuance: <\/strong>UAE clean energy firm Masdar plans to raise as much as USD 750 mn<\/a> in a maiden green bond issuance \u2014 likely to happen in 2H 2023. Taqa recently purchased<\/a> a 43% stake in Masdar\u2019s renewables business and 24% in Masdar\u2019s nascent green hydrogen business, with Abu Dhabi National Oil Company (Adnoc) also acquiring shares in the company. UAE SWF Mubadala \u2014 which sold its majority stake in Masdar to Taqa and Adnoc \u2014 also remains a shareholder.<\/p>\n

This is fueling Masdar\u2019s massive growth plans: <\/strong>Masdar is \u201clikely\u201d to issue green bonds on an annual basis to support its ambitious growth plans, CFO Niall Hannigan told Bloomberg<\/a> last month. The aim is to grow<\/a> within and beyond MENA, with the company aiming at a renewable energy capacity of at least 100 GW by 2030, and a production quota of up to 1 mn tons of green hydrogen. Masdar aims to ultimately expand its renewable energy portfolio to over 200 GW by an as-yet undetermined time.<\/p>\n

M&A will be a \u201cmajor component\u201d of Masdar\u2019s growth strategy,<\/strong> Bloomberg noted Thabet saying. The clean energy firm will likely spend some USD 50 bn by 2030 to buy solar and wind assets, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

UAE state-owned Abu Dhabi National Energy Company (Taqa) plans to issue \u201cseveral USD hundred mn\u201d of green bonds in 2023 for specific projects, Taqa CEO Jasim Husain Thabet tells Bloomberg. No details were given on which projects specifically were being tapped for investment, or the detailed timeframe of any green bond issuances. It\u2019s all part […]<\/p>\n","protected":false},"author":1,"featured_media":76048,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[243],"tags":[11,49,164,660,160,88,281],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-76047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-finance","tag-enterpriseclimate","tag-green-bonds","tag-green-finance","tag-ma","tag-masdar","tag-renewables","tag-taqa","wpautop","entry"],"acf":{"mongo_id":"35e735ba-517d-4400-a8f0-6fe126cc5032","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/352.jpg","photo_position":"above","related_issue":[76042],"teaser":"","voice_url":""},"yoast_head":"\nUAE\u2019s Taqa has green bonds in its sights - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/15\/uaes-taqa-has-green-bonds-in-its-sights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s Taqa has green bonds in its sights\" \/>\n<meta property=\"og:description\" content=\"UAE state-owned Abu Dhabi National Energy Company (Taqa) plans to issue \u201cseveral USD hundred mn\u201d of green bonds in 2023 for specific projects, Taqa CEO Jasim Husain Thabet tells Bloomberg. 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