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Thursday, Jul 10, 2025

Abu Dhabi National Energy Co. issues bonds valued at $1.5bn 

Abu Dhabi National Energy Co. issues bonds valued at $1.5bn 

Abu Dhabi National Energy Co. has completed a $1.5 billion bond sale that will be used to finance, refinance, and invest in green projects, in addition to attaining corporate objectives.
The firm, also known as TAQA, said the placement comprised five-year and 10-year dual-tranche senior unsecured notes.

It added that the 10-year notes, sized at $1 billion and maturing April 2033, were issued at a coupon rate of 4.7 percent.

In line with the company’s Green Finance Framework, the proceeds of these bonds will be targeted toward green projects, marking the completion of the company’s first-ever green bond issuance.

The five-year notes, sized at $500 million and maturing January 2029, were issued at a coupon rate of 3.38 percent and will be used for corporate purposes.

“TAQA’s success in balancing ambitious growth targets with solid returns while working towards a net-zero future demonstrates the utility company’s commitment to sustainability in the ‘Year of Sustainability,’” said Jasim Husain Thabet, TAQA’s group CEO and managing director in a statement.

The statement noted that the order book was almost 10 times oversubscribed, with robust demand from domestic, regional, and international investors.

The statement added that the issuance was arranged and offered through a syndicate of joint lead managers and book runners – including BNP Paribas, Emirates NBD Capital, and First Abu Dhabi Bank.

HSBC, ICBC, and IMI-Intesa Sanpaolo were also involved, as were Scotiabank, SMBC Nikko, and Standard Chartered.

“The successful completion of this latest dual-tranche bond offering, which was several times oversubscribed, reinforces investors’ confidence in the financial fundamentals of TAQA,” Stephen Ridlington, TAQA’s group chief financial officer, said.

He added: “The company has once again achieved very competitive funding rates and locked in interest rates largely in line with our existing corporate interest cost. We are pleased with these results, particularly considering the trend of rising interest rates since last year.”
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