Abu Dhabi National Energy Company (TAQA) has priced a $1.75 billion bond offering in two tranches, the company said on Monday.
The deal comprises $1.1 billion of five-year green notes with a coupon of 5.875% and $650 million of 10-year conventional notes with a coupon of 6.125%. The green notes mature on April 26, 2032, and the conventional notes on Oct. 26, 2036.
The orderbook was more than three times oversubscribed, with demand from domestic, regional and international investors, TAQA said. Settlement is expected on Oct. 26.
TAQA described the deal as the first public benchmark bond from an Abu Dhabi government-related entity since March 2026.
Proceeds from the green tranche will finance or refinance eligible renewable power generation and green grid projects under the company’s Green and Blue Finance Framework. Proceeds from the conventional tranche will go to general corporate purposes.
The notes are expected to be rated Aa3 by Moody’s and AA by Fitch, in line with TAQA’s corporate ratings. They will be listed on the London Stock Exchange.
The deal follows TAQA’s $750 million blue bond in July. Once the new notes settle, the company will have issued $3.7 billion of green and blue labeled bonds since 2023, including $1.85 billion in 2026.
Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, J.P. Morgan, Mashreq and Standard Chartered Bank were joint bookrunners and joint lead managers.
“The quality of investor demand reflects confidence in our financial strength and our ability to deliver on our long-term strategy,” said Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director.
TAQA said it invested close to $10 billion in energy transition projects between 2021 and 2025 under its 2030 growth strategy.
