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Abu Dhabi’s Masdar hires banks for green bonds sale

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Projects with a combined capacity of 4.6 gigawatts are currently under construction in Morocco

Abu Dhabi renewable energy company Masdar has hired banks to arrange a debut sale of green bonds, a bank document showed on Monday.

Citi and First Abu Dhabi Bank are joint global coordinators, joined by BNP Paribas, HSBC, SMBC Nikko, Societe Generale and Standard Chartered as joint lead managers and joint bookrunners, a document from one of the banks showed.

Issuers in the hydrocarbon-rich Gulf have increasingly looked to burnish their environmental credentials by issuing green bonds or other sustainability-linked debt. The UAE is set to host this year’s Cop28 climate summit starting in late November.

The head of state oil giant Adnoc, Sultan Al Jaber, will lead the UN climate conference. He also chairs Masdar and was its founding CEO.

The banks will hold investor calls starting on Monday, with a sale of 10-year senior unsecured bonds of benchmark size – typically at least $500 million – to follow, subject to market conditions.

In December, state-controlled energy and utilities firm Taqa, Abu Dhabi sovereign wealth fund Mubadala and Adnoc said they would become shareholders in Masdar, with stakes of 43 percent, 33 percent and 24 percent, respectively.