Masdar reports new $3 billion euro MTN program

By Jeff Pines

Silver Spring, Md., July 17 – Abu Dhabi Future Energy Co. PJSC (Masdar) announced its new $3 billion euro medium-term note program in a press release on Monday.

Fitch Ratings rates Masdar A+ and rated the program A+. Masdar said it expects Moody’s Investors Service to assign an A2 rating, which also matches the agency’s issuer rating.

The arrangers for the program are Citigroup and First Abu Dhabi Bank. BNP Paribas, Citigroup, First Abu Dhabi Bank, HSBC, SMBC Nikko, Societe General CIB and Standard Chartered Bank are the dealers.

Based in Abu Dhabi, Masdar is a renewable energy and sustainable development firm, which will use program proceeds for eligible green projects, including renewable energy in the form of solar PV, concentrated solar power, wind power projects as well as power transmission and distribution network infrastructure and energy efficiency.

According to its website, the Middle East energy company has financed projects in 15 countries, has 34 operational projects and $550 million in committed corporate green loan facilities.

Last month, Masdar, Infinity Power and Hassan Allam Utilities inked a land agreement with Egypt's New and Renewable Energy Authority to secure land to build a 10-gigawatt capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value of more than $10 billion.

Egypt aims to boost the percentage of electricity generated by renewables to 42% by 2030 from 20% in 2022. The new plant is estimated to save Egypt $5 billion in natural gas costs.

Masdar, Hassan Allam Utilities and Infinity Power and the Egyptian Electricity Transmission Co. signed the original agreement to develop the wind farm in 2022.

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