Taqa-led int’l roster tap bond markets to refinance Al Dhafra solar project: A consortium led by Taqa, and comprising Ewec, Masdar, France’s EDF power solutions and China’s Jinko Power, closed a USD 870.75 mn green bond to refinance the Al Dhafra Solar PV plant, which they say is the world’s largest single-site solar project, according to a joint statement (pdf). The long-term notes mature in June 2053 with a 5.794% coupon. The issuance is expected to be rated A3 by Moody’s and A by S&P.

The 2 GW plant, which uses 4 mn bifacial panels to power roughly 200k homes, is 40% owned by Taqa, with Masdar, EDF and Jinko Power each owning 20%. Ewec is an offtaker.

ADVISORS- Our friends at HSBC acted as joint global coordinators alongside BNP Paribas. The pair also served as joint lead managers and bookrunners alongside Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC.

Why it matters

The transaction offers an early reference point for utility-scale refinancing this year, playing up how Abu Dhabi’s energy groups are using fixed-income to rework mature assets and recycle capital. Rather than sitting on expensive construction-phase debt, the partners are leveraging the plant’s two-year track record of commercial operations to lock in cheaper, long-term institutional capital.

For sponsors such as TAQA and Masdar, the approach supports liquidity management as they work toward aggressive 2030 capacity targets of 150 GW and 100 GW, respectively.

IN OTHER GREEN DEBT NEWS-

Sharjah-based sustainability group Bee’ah rolled out a sustainable finance framework in partnership with First Abu Dhabi Bank, it said in a press release, giving the group a structured route to tap green, social and sustainability-linked funding across bonds, sukuk and loans as it works toward its climate-neutral target by 2040.

It also adds to a growing pipeline of UAE corporates formalizing sustainability frameworks not for a single transaction, but to support ongoing issuance as demand for labelled paper in the region deepens.

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