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UAE clean energy company Masdar plans first green bond sale in June

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(Bloomberg) — United Arab Emirates clean energy producer Masdar plans to sell its first green bonds within weeks to fund efforts to quintuple renewable energy generation capacity by the end of the decade.

Most reads come from Bloomberg

“We want to issue a green bond, hopefully this month,” Masdar Chief Executive Mohammad Jameel Al Ramahhi said in an interview in Astana, Kazakhstan. Offering to raise $500-700 million.

Securities tied to clean energy are attracting more capital as companies and countries look to reduce emissions to combat global warming by diversifying supply rather than hydrocarbons. The UAE is the first Persian Gulf petrostate to announce a goal of net-zero carbon emissions by 2030, even as OPEC’s third-largest producer is still investing billions of dollars to ramp up oil and gas production.

Al Ramahi said Masdar had a “big ambition” to increase installed solar and wind capacity from 20 GW today to 100 GW by 2030, an effort that would require the company to buy assets and project developers , and build your own project. It already has a diversified portfolio ranging from solar in Abu Dhabi to offshore wind in the UK.

“You can’t do that with just one type of marketing,” he said. Masdar is actively pursuing several deals, he said, without giving specifics. Al Ramahi said the US was the “top priority” for investment, while Masdar had yet to find good opportunities in China.

The country will host the United Nations’ major climate summit later this year, which is also being led by Masdar chairman Sultan Al Jaber, who is also controversially leading the Abu Dhabi government-owned oil and gas The person in charge of the company. Speaking in Bonn on Thursday, Al Jaber said “the gradual reduction of fossil fuels is inevitable,” but he did not provide an estimate for when that would happen or steps to accelerate the reduction.

Most reads come from Bloomberg Businessweek

©2023 Bloomberg Intelligence

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