Masdar has raised US$600 million through its first blue bond for marine renewables, with proceeds intended to finance eligible projects, including offshore wind.
The issuance follows the company’s September 2026 revision of its Green Finance Framework to include water-related renewable energy projects. Eligible projects must undergo environmental impact assessments to minimise potential harm to marine biodiversity. The company has not identified specific projects that will receive the new funding.
The five-year bond was issued under Masdar‘s US$6 billion Global Medium Term Note Programme and received AA- ratings from S&P and Fitch. According to Masdar, it is the highest-rated publicly issued corporate blue bond globally to date.
The offering attracted investor orders of up to US$1.5 billion, representing 2.5 times the issue size. Listed on the London Stock Exchange’s International Securities Market, the bond carries a 5.875% US dollar coupon and was swapped into euros at a yield of 4.374% to match the company’s European investment exposure.
The transaction is Masdar‘s fourth bond issuance since 2023, bringing its cumulative fundraising under the programme to US$3.35 billion.
Before the latest offering, Masdar had raised US$2.75 billion through the programme. By the end of 2025, US$2.3 billion had been allocated to 30 renewable energy projects across 10 countries, representing a combined gross capacity exceeding 16 GW.
The company’s updated financing framework follows blue finance guidance from the International Capital Market Association and the International Finance Corporation. Moody’s assigned the framework its highest Sustainability Quality Score, SQS1 (Excellent).
The official announcement by Masdar confirms that offshore wind is among the eligible uses of the proceeds, although allocations to individual projects have not been disclosed.
