Abu Dhabi National Energy Company (TAQA) has raised $750 million through a five-year blue bond to finance and refinance eligible sustainable water and wastewater projects. The transaction marks the first blue bond issued by a GCC government-related entity (GRE) and the first issuance under TAQA’s updated Green and Blue Finance Framework, which now includes blue financing instruments and additional categories related to green grids and climate change adaptation.

Key Overview

• TAQA raised $750 million through a five-year blue bond.
• The bond carries a 5.125% coupon rate.
• The issuance is the first blue bond by a GCC government-related entity (GRE).
• Net proceeds will finance eligible water and wastewater projects.
• TAQA has now issued $2.6 billion in green and blue-labelled bonds since 2023.

TAQA Issues Landmark Blue Bond

Abu Dhabi National Energy Company (TAQA) has raised $750 million through a five-year blue bond to finance sustainable water and wastewater projects, marking a significant milestone in sustainable finance within the Gulf region.

According to a filing on the Abu Dhabi Securities Exchange (ADX), the issuance represents the first blue bond issued by a GCC government-related entity (GRE). TAQA also said the transaction is the largest blue bond issued in Europe, the Middle East and Africa (EMEA) and the largest issued globally by an integrated power and water utility.

The issuance forms part of TAQA’s ongoing efforts to finance projects that support sustainable water management while strengthening investment in infrastructure across the water sector.

Bond Issued Under Updated Finance Framework

The blue bond has a five-year tenor and carries a 5.125% coupon rate, according to TAQA.

The transaction is the first issuance under TAQA’s updated Green and Blue Finance Framework, which was revised earlier this year to include blue financing instruments and additional financing categories related to green grids and climate change adaptation.

According to the company, the net proceeds from the bond will be used to finance or refinance eligible blue projects that meet the requirements of the updated framework.

Moody’s provided a Second Party Opinion on the framework and assigned it a Sustainability Quality Score of SQS2 (Very Good).

Listed in London and Rated by Moody’s and Fitch

TAQA said the notes are listed on the London Stock Exchange’s International Securities Market.

The bonds received a rating of Aa3 by Moody’s and AA by Fitch, matching TAQA’s corporate credit ratings.

Unlike TAQA’s previous public bond issuances, which were arranged by syndicates of bookrunners, this transaction was structured as a private placement, with Standard Chartered Bank acting as the sole placement agent.

The company said the transaction reflects continued investor interest in sustainable financing while supporting projects focused on water infrastructure.

Green and Blue Bond Issuance Reaches $2.6 Billion

Following the latest transaction, TAQA has now raised a cumulative $2.6 billion (AED 9.55 billion) through green and blue-labelled bonds since launching its Green Finance Framework in 2023.

The latest issuance expands the company’s sustainable financing programme by introducing blue financing instruments alongside its existing green financing activities.

TAQA said sustainability remains central to its corporate strategy, with continued investment in low-carbon power, sustainable water solutions, and resilient infrastructure.

The company stated that these investments are intended to support the energy transition while continuing to deliver secure and reliable power and water services.

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Investment Supports Water Infrastructure

According to TAQA, the proceeds will support projects across the water value chain.

Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said water scarcity remains one of the world’s most significant challenges.

“Water scarcity is one of the defining challenges of our time, and it remains underfunded relative to its importance.”

He said TAQA is investing across the water value chain as a vertically integrated power and water utility operating in one of the world’s most water-stressed regions.

These investments include desalination, water transmission and distribution, wastewater treatment and reuse, which are intended to help address growing pressures on water systems.

Thabet added that the issuance marks an important milestone for TAQA and aligns with Abu Dhabi’s Integrated Water Sector Strategy and Climate Change Adaptation Plan.

Investor Demand Reflects Confidence

According to Thabet, the transaction attracted strong investor demand.

He said:

“The strong investor demand for the transaction reflects confidence in TAQA’s long-term strategy, our financial strength and the essential nature of the infrastructure we develop and operate.”

He added that as demand continues to increase, TAQA remains focused on developing reliable and sustainable solutions that will support water security for decades to come.

The company said sustainability continues to be a core element of its corporate strategy through ongoing investments in low-carbon power generation, sustainable water solutions and resilient infrastructure.

Energy Transition Investment Continues

TAQA said that since launching its 2030 Vision for Sustainable and Profitable Growth in 2021, it has invested close to $10 billion through the end of 2025 in energy transition projects across the utility sector.

The company said these investments form part of its broader strategy to support the transition while strengthening water and energy infrastructure.

The latest blue bond adds to those investments by providing financing dedicated to sustainable water and wastewater projects under the company’s updated financing framework.

Outlook

TAQA’s latest blue bond issuance expands the company’s sustainable financing programme while supporting investment in water and wastewater infrastructure. The transaction marks the first blue bond issued by a GCC government-related entity and the first issuance under TAQA’s updated Green and Blue Finance Framework. With cumulative green and blue-labelled bond issuances reaching $2.6 billion since 2023 and nearly $10 billion invested in energy transition projects through the end of 2025, TAQA said it remains focused on investing in low-carbon power, sustainable water solutions and resilient infrastructure while supporting long-term water security.

FAQs

1. How much did TAQA raise through the blue bond?

TAQA raised $750 million through a five-year blue bond.

2. What will the proceeds be used for?

The net proceeds will finance or refinance eligible blue projects, including sustainable water and wastewater projects, under TAQA’s Green and Blue Finance Framework.

3. Why is this bond significant?

According to TAQA, it is the first blue bond issued by a GCC government-related entity (GRE), the largest blue bond issued in EMEA, and the largest issued globally by an integrated power and water utility.

4. How much has TAQA raised through green and blue bonds since 2023?

Following this issuance, TAQA has raised a cumulative $2.6 billion (AED 9.55 billion) through green and blue-labelled bonds since launching its Green Finance Framework in 2023.

Sources: Forbes, Emirates 24, EMIRATES NEWS AGENCY – WAM, Trade Arabia

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