UAE state-owned renewable energy developer Masdar has launched its first US$750 million 10-year green bond, with the proceeds to be invested in renewables, including solar and wind projects.
The bond is the first part of a programme to raise up to US$3 billion to meet Masdar’s equity funding commitments on new renewable energy projects in the UAE and overseas markets, particularly in developing countries and regions. The net proceeds will also be used in “climate-vulnerable countries” that require investment.
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Masdar chairman Sultan Al-Jaber said the issuance of the green bonds will support the aim of championing initiatives that advance climate finance and decarbonisation.
“It is vital to make finance more available, accessible and affordable for developing economies if we have any chance of meeting climate goals to supercharge sustainable development,” he added.
Masdar aims to grow its portfolio of renewable energy projects with a combined capacity of about 100GW by 2030. In addition to the green bonds, Masdar reached another financial close on three PV facilities in Uzbekistan in April. The facilities will have a combined capacity of approximately 877MW and are expected to begin operations in 2024.
