Posted on October 28, 2026
Abu Dhabi Future Energy Company (Masdar) has raised $600 million through its first blue bond, debt tied to ocean and water projects. Proceeds are earmarked for maritime renewable energy projects, including offshore wind. The five-year bond is rated AA- by S&P and Fitch. Masdar said that makes it the highest-rated public corporate blue bond globally to date.
Masdar issued the bond under its US$6 billion Global Medium Term Note Programme, used for repeat bond sales. The bond pays a 5.875% US dollar coupon and is listed on the London Stock Exchange’s International Securities Market. It was swapped into euros at a yield of 4.374%. That aligns the funding with Masdar’s European investment exposure.
Regional and international investors pushed the orderbook to a peak of $1.5 billion, according to Masdar. Seven banks acted as joint lead managers and bookrunners. They were Abu Dhabi Commercial Bank, BNP Paribas, Crédit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan and Société Générale CIB. However, Masdar did not name the investors or the projects that will receive the proceeds.
Last month, Masdar updated its Green Finance Framework to include eligible blue projects such as offshore wind. Those projects must support sustainable use of oceans and water. They must also pass full impact assessments to minimise harm to biodiversity. “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,” said Mazin Khan, Chief Financial Officer at Masdar. “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,” Khan added.
What’s New in Masdar’s Bond Programme
The raise is Masdar’s fourth bond offering and lifts the programme total from $2.75 billion to $3.35 billion. By the end of 2025, Masdar had allocated $2.3 billion to 30 projects in 10 countries with more than 16GW of gross capacity. The updated framework aligns with blue finance guidance from the International Capital Market Association and the International Finance Corporation. Moody’s also gave it an SQS1 (Excellent) rating, its highest Sustainability Quality Score.
Why It Matters
For Masdar, the bond adds euro-matched capital reserved for maritime projects. The company’s renewable energy portfolio already exceeds 65GW, and it is targeting 100GW of energy capacity by 2030. That positions Masdar to fund new offshore wind capacity toward the 100GW goal, provided projects clear the required impact assessments.
