Abu Dhabi Future Energy Company PJSC Masdar has issued a USD 600 million blue bond, which the company says is the highest-rated public blue bond issued globally to date by a corporation.

The five-year tenor bond, rated AA- by S&P and Fitch, is the first blue bond under Masdar's USD 6 billion Global Medium Term Note Programme and marks the company's fourth bond offering overall.

Strong Demand Despite Challenging Conditions

The bond was issued on the London Stock Exchange's International Securities Market with a 5.875% US dollar coupon and was swapped into euros at a 4.374% yield, aligning Masdar's funding with its European investment exposure.

The transaction attracted demand from a broad base of regional and international investors, with the orderbook peaking at USD 1.5 billion and the bond ultimately 2.5 times oversubscribed, despite what the company described as challenging market conditions.

Proceeds Earmarked for Maritime Renewables

Proceeds from the blue bond will be allocated to maritime renewable energy projects, including offshore wind. Masdar updated its Green Finance Framework (GFF) last month to include eligible blue projects, enabling the company to channel capital toward water-related clean energy projects.

Under the framework, eligible blue projects must contribute to the sustainable use of oceans and water resources and undergo comprehensive impact assessments to minimize adverse biodiversity effects.

The updated GFF is aligned with blue guidance from the International Capital Market Association and the International Finance Corporation, and was assigned SQS1 (Excellent), the highest possible Sustainability Quality Score, by Moody's.

Mazin Khan, Masdar's Chief Financial Officer, said, "For two decades, Masdar has been a driving force in the development, deployment, and commercialization of renewable energy solutions across the world. Our first blue bond issuance under our updated Green Finance Framework provides yet more opportunities for investors to join us in building the clean energy system of the future. This benchmark offering will ensure capital can be delivered where it will have the most impact, supporting the development of a more resilient blue and green economy."

Bond Program Total: USD 3.35 Billion

The blue issuance brings the total raised under Masdar's bond program to USD 3.35 billion since 2023. Prior to this offering, the company had raised USD 2.75 billion through its bond program, of which USD 2.3 billion had been allocated to 30 renewable energy projects with a total gross capacity of over 16 gigawatts across 10 countries, as of year-end 2025.

The joint lead managers and bookrunners on the bond were Abu Dhabi Commercial Bank, BNP Paribas, Crédit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan, and Société Générale CIB.

Growing Clean Energy Portfolio

Masdar has built a renewable energy portfolio of more than 65 GW of capacity across established and high-growth renewable energy markets, spanning technologies including solar, onshore wind, offshore wind, battery storage, and hybrid solutions.

The company has set out a pathway to 100 GW of energy capacity by 2030 and continues to expand through investment in strategic markets, delivering clean power to meet growing electricity demand while supporting energy security and economic growth.

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