Skip to content Skip to Search
Skip navigation

Taqa raises $1.5bn in bonds as order book hits $15bn

Taqa’s group CEO Jasim Husain Thabet said the company had achieved competitive funding through its latest bond offering WAM
Taqa’s group CEO Jasim Husain Thabet said the company had achieved competitive funding through its latest bond offering

Abu Dhabi National Energy Company (Taqa) has raised a combined $1.5 billion in five-year and 10-year dual-tranche senior unsecured notes.

The 10-year bonds, sized at $1 billion, were issued at a coupon rate of 4.696 percent, reported state-run WAM news agency, citing a company statement.

The net proceeds from Taqa’s first green bond issuance will be used to finance, refinance and invest in relevant eligible green projects in line with the Abu Dhabi-listed company’s green finance framework. The credit notes will mature on April 24, 2033.

The five-year conventional bonds worth $500 million will mature on January 24,  2029, and were issued at a coupon rate of 4.375 percent. The proceeds from these bonds will be used for general corporate purposes.

The final order book reached $15 billion, almost 10 times oversubscribed, with strong demand from domestic, regional and international investors.

The notes are expected to be rated‘Aa3 by Moody’s and AA- by Fitch, the statement said.

Taqa’s group CEO Jasim Husain Thabet said the company had achieved competitive funding through its latest bond offering, which has garnered significant interest from investors across multiple capital markets.

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, WAM 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 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.

Latest articles

Gems operates more than 60 schools with over 130,000 students across the Middle East and North Africa

Canada’s Brookfield to invest in Dubai’s Gems Education

A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […]

Mining, Transportation, Truck

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Nature, Outdoors, Sea

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]

The Holy Mosque in Medina, Saudi Arabia. Pilgrims flock to the city as part of Hajj

Tourism businesses on the up in Medina

The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […]