More Masdar green bonds coming next year: The UAE’s state-owned renewables developer Masdar is planning more green bonds sales in 2024 after it raised USD 750 mn in a debut green bond sale, Chief Financial Officer Niall Hannigan told Bloomberg in an interview last week. The debut bond sale is the first part of an ambitious push by Masdar to raise up to USD 3 bn in bonds for new renewable energy projects in UAE and abroad under a plan to grow its global portfolio to 100 GW of capacity by 2030, according to a statement released last week.

About the debut sale: Masdar announced last week it has raised USD 750 mm after its debut green bond issuance lured in over USD 4.2 bn in demand from regional and international investors, the statement notes. Net proceeds from this bond and other future offerings will be used to invest exclusively in “dark green” renewable energy projects, with most earmarked for developing economies and climate-vulnerable countries.

Where is the money going? Proceeds from the debut bond will be used to finance investments in clean energy projects in Uzbekistan and Azerbaijan, repaying two USD 250 mn bridge loans for a 230 MW solar project in Azerbaijan and 500 MW wind project in Uzbekistan, Hannigan told Reuters in a separate interview. The remaining USD 250 mn will be used for three solar projects in Uzbekistan that will see a financial close soon, he added.

Big acquisitions and expansions talk: “We plan to grow significantly in the North America market … it is very much a market where M&A is going to be absolutely critical,” Hannigan told Reuters. Masdar is in active talks over acquisition targets in the US on the back of US President Joe Biden’s USD 430 bn Inflation Reduction Act, he added. The company is also looking to expand primarily in southern Europe, the Balkans and eastern Europe, Hannigan said, with expansion pegged for existing markets including the UK, Poland, Serbia, Montenegro and Greece. KSA will also be a “huge area of growth”, he added, along with Central Asia, Asia-Pacific and Africa tapped for potential future growth by Masdar.

Masdar is eyeing an impressive portfolio: Masdar is planning to grow its global portfolio to at least 100 GW by 2030, according to its statement. It is also eyeing green hydrogen production of 1 mn tons per annum by 2030. The combined capacity for its global portfolio is estimated at 20 GW across 40 countries.