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Abu Dhabi’s Taqa plans dual-tranche dollar green bond

Taqa Wam
Taqa capital expenditure for the six months of 2023 reached AED2.1 billion, 17% higher year on year

Abu Dhabi-listed Abu Dhabi National Energy Company (Taqa) has directed banks ahead of a possible dual-tranche US dollar-denominated green bond issue.

The firm planned hold investor calls from Thursday for a benchmark-sized long five-year issue followed by a 10-year green bond, Reuters reported citing a document.

Benchmark-sized issuance is at least $500 million.

In September 2022, Abu Dhabi’s investment and holding company ADQ entered into an agreement to monetise an 8.6 percent stake in Taqa to Multiply Group, Abu Dhabi Pension Fund and other prominent investors, state-run WAM news agency reported.

Taqa has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.

The integrated oil firm operates in 11 countries globally and has recently taken a controlling stake in Masdar’s renewable business, along with Adnoc and Mubadala, targeting more than 50 gigawatts of capacity by 2030.