Masdar Prices $600 Million Blue Bond for Offshore Wind

Abu Dhabi Future Energy Company PJSC – Masdar has priced a USD 600 million blue bond on the London Stock Exchange's International Securities Market, a transaction the company describes as the highest-rated public blue bond issued globally to date by a corporation.

The offering carries ratings of AA- from both S&P and Fitch, runs with a five-year tenor, and is the first blue bond issued under the company's USD 6 billion Global Medium Term Note Programme. It is also Masdar's fourth bond offering overall.

Orderbook reaches USD 1.5 billion amid difficult markets

Despite what the company characterized as challenging market conditions, investor demand proved robust. The orderbook peaked at USD 1.5 billion, leaving the bond 2.5 times oversubscribed, with participation drawn from a broad base of regional and international investors. The bond carries a 5.875% US dollar coupon and was swapped into euros at a 4.374% yield, a structure Masdar says aligns its funding with its European investment exposure.

Capital directed toward offshore wind and ocean-linked projects

Proceeds are earmarked for maritime renewable energy projects, including offshore wind. The issuance was made possible by Masdar's update to its Green Finance Framework last month, which added eligible blue projects and allows the company to channel capital toward water-related clean energy ventures.

Under the framework, eligible blue projects must contribute to the sustainable use of oceans and water resources and are subject to comprehensive impact assessments designed to minimize adverse effects on biodiversity. The updated framework is aligned with blue guidance from the International Capital Market Association and the International Finance Corporation, and Moody's assigned it SQS1 (Excellent) , the highest possible Sustainability Quality Score. 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."

Cumulative bond fundraising stands at USD 3.35 billion

With the blue bond completed, Masdar's total fundraising under its bond programme has reached USD 3.35 billion since 2023. Before this offering, the company had raised US$2.75 billion through the programme, of which USD 2.3 billion had been allocated to 30 renewable energy projects with a combined gross capacity of more than 16 gigawatts across 10 countries, as of year-end 2025.

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

Portfolio exceeds 65GW on the road to 2030 target

Masdar's renewable energy portfolio now stands at more than 65 GW of capacity across established and high-growth markets, covering technologies that include solar, onshore wind, offshore wind, battery storage, and hybrid solutions.

The company has laid out a pathway to reach 100GW 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.