2023-07-19 22:05:36
Abu Dhabi Future Energy Company (Masdar) announced the completion of the first issuance of $750 million unsecured green bonds with a tenor of 10 years.
Subscriptions recorded record levels of 5.6 times the target value, while the final allocation of bonds came at a rate of 12.5% for investors in the Middle East and North Africa region, and 87.5% for international investors, with a fixed return of 4.875%, which is equivalent to 115 basis points above the treasury returns ratio.
“Masdar” stated that this first issuance of green bonds reflects investors’ confidence in the strength of the basic financial indicators of “Masdar”, which obtained an “A2” rating from “Moody’s” agency, and an “A+” rating from the “Fitch” credit rating agency. It has great experience and capabilities in the field of sustainability.
The proceeds of these bonds will be invested in green projects that include solar energy, wind energy, renewable energy transmission, energy distribution infrastructure, and energy storage battery systems.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-designate of the Conference of the Parties (COP28), Chairman of the Board of Directors of Masdar, said: “In line with the directives of the leadership to support initiatives and projects that contribute to achieving sustainable development, and in conjunction with the UAE’s preparations to host the Conference of the Parties. (COP28), Masdar launches pioneering strategic initiatives aimed at contributing to financing climate action efforts and reducing emissions.
He added, “We are confident that this successful issuance of Masdar’s green bonds will support the achievement of these two goals by spreading clean energy solutions, promoting climate action and contributing to financing renewable energy projects in countries that need them most.”
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