Abu Dhabi National Energy Company (TAQA) priced a $1.75 billion dual-tranche bond offering comprising green and conventional notes, with the orderbook more than three times oversubscribed, according to reports published by Khaleej Times and regional trade media. Settlement is scheduled for October 26, 2026. The transaction marks the first public benchmark bond issuance by an Abu Dhabi government-related entity (GRE) since March 2026.
The offering consists of $1.1 billion in five-year green notes maturing on April 26, 2032, carrying a 5.875% coupon, and $650 million in 10-year conventional notes maturing on October 26, 2036, with a 6.125% coupon. The notes are slated for listing on the London Stock Exchange and are expected to receive ratings of Aa3 from Moody's and AA from Fitch, in line with TAQA's corporate credit ratings.
Proceeds from the green tranche will finance or refinance eligible renewable power generation and green grid projects under TAQA's Green and Blue Finance Framework, which aligns with the Climate Finance Principles for Green Grids endorsed by the COP30 Presidency. Proceeds from the 10-year conventional tranche are allocated for general corporate purposes, supporting the group's 2030 Vision for Sustainable and Profitable Growth after investing nearly $10 billion in energy transition projects between 2021 and 2025.
The issuance was arranged by nine joint bookrunners and joint lead managers, including Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China (ICBC), J.P. Morgan, Mashreq, and Standard Chartered Bank. Following settlement, TAQA's total green and blue bond issuance since 2023 will reach $3.7 billion, including $1.85 billion issued in 2026.
Sources
- Khaleej Times · 2026-10-26
