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Abu Dhabi National Energy Company PJSC (TAQA) said in a statement that it priced a dual-tranche senior unsecured bond offering on October 26, 2026. The $1.75 billion transaction comprises $1.1 billion of green notes due April 26, 2032, with a coupon of 5.875 percent, and $650 million of conventional notes due October 26, 2036, with a coupon of 6.125 percent. TAQA’s announcement noted that the order book was more than three times oversubscribed, reflecting investor confidence in TAQA’s credit quality and long-term strategy, with demand from domestic, regional and international investors.
The company said in the statement that the transaction represents the first public benchmark from an Abu Dhabi government-related entity since March 2026. It follows TAQA’s $750 million blue bond in July 2026, described in the announcement as the largest blue bond issued by an integrated power and water utility globally and the largest ever issued in the EMEA region. Upon settlement, TAQA will have issued $3.7 billion of green and blue labelled bonds since 2023, including $1.85 billion in 2026 alone, according to the company’s release.
Proceeds from the green tranche will finance or refinance eligible renewable energy generation and green grid projects in line with TAQA’s Green and Blue Finance Framework, the announcement stated. The framework includes network infrastructure as a permitted use of proceeds, reflecting the Climate Finance Principles for Green Grids developed by the Green Grids Initiative and endorsed by the COP30 Presidency. TAQA added that the notes are expected to be rated Aa3 by Moody’s and AA by Fitch, in line with its corporate credit ratings.
The bonds will be listed on the London Stock Exchange, according to the statement from TAQA. Joint bookrunners and joint lead managers included 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. Citi, HSBC and Standard Chartered Bank acted as joint green structurers for the transaction.
TAQA, described by Zawya as a diversified utilities and energy group headquartered in Abu Dhabi, operates across power generation, water desalination and oil and gas sectors. The group has maintained access to international capital markets to support its strategic objectives. A separate announcement from stabilisation coordinator J.P. Morgan Securities plc confirmed that no stabilisation activity was undertaken in connection with the offering.
The dual-tranche approach enabled TAQA to meet varied investor preferences for both sustainable and conventional debt instruments. Settlement for both tranches is scheduled for October 26, 2026, the company stated. This issuance adds to a series of sustainable financing transactions that have supported TAQA’s infrastructure development plans.
