Abu Dhabi Future Energy Company, known as Masdar, has raised $600 million from its first blue bond, the state-backed renewable energy developer said on Tuesday, in a statement carried by the Emirates News Agency (WAM).
The five-year bond carries a 5.875% coupon and is rated AA- by S&P Global Ratings and Fitch Ratings. Masdar said that makes it the highest-rated public blue bond issued by a company to date.
Masdar swapped the proceeds into euros at a yield of 4.374%, aligning the funding with its European investment exposure. The bond was listed on the London Stock Exchange’s International Securities Market.
Orders peaked at $1.5 billion, and the issue was 2.5 times oversubscribed, the company said. It is the first blue bond under Masdar’s $6 billion global medium-term note program.
Masdar updated its green finance framework last month to include blue projects, which must contribute to the sustainable use of oceans and water resources. Eligible investments include offshore wind, floating solar and the transmission of offshore electricity to shore, ESG Today reported.
“This benchmark offering will ensure capital can be delivered where it will have the most impact,” Mazin Khan, Masdar’s chief financial officer, said.
Masdar has raised $2.75 billion through its bond program since 2023. At the end of 2025, it had allocated $2.3 billion to 30 renewable energy projects in 10 countries with a combined gross capacity of more than 16 gigawatts.
Abu Dhabi Commercial Bank, BNP Paribas, Credit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan and Societe Generale CIB were joint lead managers and bookrunners. Masdar has more than 65 gigawatts of capacity and targets 100 gigawatts by 2030.
