Al Dhafrah Solar PV2 achieves Climate Bonds Certification through USD870.75m green bond 

Positioning Abu Dhabi as a global leader in solar energy

London, 13 January 2025, 9am: Dhafrah PV2 Energy Company LLC has issued a green bond to finance Al Dhafrah Solar PV2 IPP plant, one of the world’s largest single-site solar power plants, which has achieved Climate Bonds Certification. The USD870.75m green bond, structured by BNP Paribas and HSBC, will refinance the plant, located 35 km south of Abu Dhabi. The bond has been Certified under the Climate Bonds Standard, reinforcing its status as a global benchmark for sustainable energy finance. 

The Al Dhafrah Solar PV2 plant, spanning over 20 km² of desert terrain, is equipped with more than four million bifacial PV modules mounted on a single-axis tracker system, delivering 2.1 GWp (1.64 GWac) of installed capacity. The project initiated commercial operations in June 2023 and operates under a 35-year Power Purchase Agreement (PPA) with Emirates Water and Electricity Company (EWEC). 

The project is a cornerstone of the UAE Energy Strategy 2050, which targets generating 50% of the country’s energy from clean sources by 2050. With Al Dhafrah PV2 now fully operational, Abu Dhabi hosts three of the world’s largest single-site solar facilities (Al Dhafrah PV2, Sweihan Noor Abu Dhabi PV, and the upcoming Al Ajban PV), underscoring its role as a global hub for renewable energy innovation and highlighting the project’s strong alignment with science-based criteria for renewable energy investments. 

Sean Kidney, CEO, Climate Bonds Initiative: 
"The Al Dhafrah green bond is now Climate Bonds Certified, financing one of the world’s largest solar plants. This is a remarkable achievement for Abu Dhabi and global markets. Deals of this scale show investors where the future lies: in ambitious, credible clean energy solutions. Certification under the Climate Bonds Standard provides the strongest signal of trust and integrity. Congratulations to all involved!” 

Ali Albeshr, Executive Managing Director, Dhafrah PV2 Energy Company LLC, said: 
“Achieving Climate Bonds Certification for the USD870.75 million green bond is a significant milestone for Al Dhafrah PV2 and a strong endorsement of the project’s environmental integrity and financial robustness. This certification reinforces investor confidence and reflects Abu Dhabi’s continued leadership in delivering large-scale, bankable renewable energy projects that are fully aligned with global climate objectives.” 

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For interviews and more information, please contact: 

Leticia Braga 
Communications Specialist, Climate Bonds Initiative 
leticia.braga@climatebonds.net 

Notes for Journalists: 

About Climate Bonds Initiative: Climate Bonds is the leading international non-governmental organisation mobilising global capital for climate action. We drive the growth of the green and sustainable debt market through science-aligned frameworks including our taxonomies and standards, our Certification, our data and insights, and our provision of expert policy and technical advice. More information on our website here. 

About Climate Bonds Standard: The Climate Bonds Standard is a multi-sector, science-based framework that allows investors and intermediaries to assess the climate credentials and environmental integrity of bonds and other sustainable finance products. Version 4.3 covers Use of Proceeds, Asset, Entity, and Sustainability-Linked Debt Certification products covering climate mitigation and resilience projects and activities. 

 About Al Dhafrah PV2 Energy Company LLC: Dhafra PV2 is the world’s largest single-site solar photovoltaic plant, located in Abu Dhabi, UAE. With a capacity of 2 GW, it powers over 160,000 homes and offsets 2.4 million tonnes of CO₂ annually, supporting the UAE’s Net Zero by 2050 goal. Developed by TAQA, Masdar, EDF power solutions, and JinkoPower, the project uses advanced bifacial technology and over 4 million solar panels to deliver clean, sustainable energy. For details, visit www.adpv2.ae.