TAQA Secures $1.75 Billion in Dual-Tranche Bonds as Investors Embrace Abu Dhabi’s Energy Transition
The national energy company's successful offering of green and conventional notes reflects sustained international confidence in Abu Dhabi's climate commitments and financial stability.
The capital markets have spoken with clarity. Abu Dhabi National Energy Company PJSC, known as TAQA, has successfully priced a US$1.75 billion dual-tranche bond offering that drew more than three times the capital required, a testament to investor appetite for the Emirate’s energy transition narrative.
The offering comprised US$1.1 billion of green notes maturing in April 2032 with a coupon of 5.875 percent, alongside US$650 million of conventional notes maturing in October 2036 at 6.125 percent. The bonds attracted demand from domestic, regional and international investors, underscoring the resilience of Abu Dhabi credit in global markets.
As the first major public bond issuance from an Abu Dhabi government-related enterprise since March 2026, the transaction signals something more significant than routine capital raising. It demonstrates sustained international confidence in high-quality Abu Dhabi credit and the nation’s ability to fund ambitious energy infrastructure regardless of market conditions.
The green tranche will finance and refinance renewable energy generation and green grid projects in alignment with TAQA’s Green and Blue Finance Framework. This approach reflects the Climate Finance Principles for Green Grids, developed through the Green Grids Initiative and endorsed by the COP30 Presidency. As co-chair of the Utilities for Net Zero Alliance, TAQA endorses these principles, which seek to broaden the pool of finance available to grid infrastructure. The conventional tranche proceeds will support general corporate purposes.
The issuance forms part of TAQA’s 2030 Vision for Sustainable and Profitable Growth, under which the Group invested close to US$10 billion in energy transition projects between 2021 and 2025. Earlier in July 2026, as we reported in our coverage of TAQA’s humanitarian work, the company issued a US$750 million Blue Bond, the largest ever issued by an integrated power and water utility globally and the largest in the EMEA region. Upon settlement of this latest offering, TAQA will have issued USD 3.7 billion of Green and Blue labelled bonds since 2023, with US$1.85 billion issued in 2026 alone.
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, emphasised the strategic importance of the capital raise. “The quality of investor demand reflects confidence in our financial strength and our ability to deliver on our long-term strategy,” he said. “It also underscores the importance of this issuance’s purpose: renewable power only creates value when networks can deliver it to the homes and businesses that need it. Our disciplined approach to capital management, and a balance sheet that remains strong, give us competitive access to funding and the flexibility to keep investing in resilient grids, renewable energy and sustainable water solutions.”
The notes are expected to receive Aa3 ratings from Moody’s and AA from Fitch, consistent with TAQA’s corporate credit ratings. They will be listed on the London Stock Exchange. The offering was led by nine joint bookrunners and joint lead managers: 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, with Citi, HSBC and Standard Chartered Bank acting as Joint Green Structurers.
What it means for Abu Dhabi
This successful issuance reinforces Abu Dhabi’s standing as a centre of global capital markets confidence and validates the Emirate’s strategic commitment to energy transition and sustainable infrastructure. The oversubscription demonstrates that international investors view the Emirate’s renewable energy and grid modernisation initiatives as financially sound and strategically important, strengthening Abu Dhabi’s ability to fund future climate projects at competitive rates.
For the broader energy sector and national sustainability goals, the capital raise enables TAQA to continue its substantial investments in renewable generation and water security, both critical to the nation’s long-term prosperity. The success of this bond, particularly the green tranche aligned with international climate finance principles, positions Abu Dhabi as a leader in mobilising private capital for energy transition at scale.
Source: WAM
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