Commentary & Deal Flow

Dhafrah PV2 Energy Company LLC (the “Issuer”), the owner of Al Dhafrah PV2 solar plant (“ADPV2”), an independent fully operational solar photovoltaic plant in the Emirate of Abu Dhabi, rated A3 by Moody’s and A by S&P both with stable outlooks, has mandated BNP PARIBAS and HSBC as Joint Global Coordinators, and along with Crédit Agricole CIB, MUFG, Standard Chartered Bank and SMBC as Joint Lead Managers and Bookrunners to organize a series of fixed income investor calls and physical meetings in London, commencing on 5 January 2026.

ADPV2 is the largest single site solar PV project in the UAE at the time of completion (with a capacity of 2,101 MW (DC)) and has doubled the installed capacity of solar energy at the time of its implementation.

The Issuer is 60% owned by the Local Shareholder, which in turn is directly owned 66.66% by Abu Dhabi National Energy Company PJSC (TAQA) and 33.34% by Abu Dhabi Future Energy Company PJSC (Masdar). The Issuer is also 40% owned by the International Shareholder, which in turn is indirectly owned 50% by EDF power solutions S.A. and 50% by Jinko Power (HK) Company Limited. Emirates Water & Electricity Company (“EWEC”), 100% indirectly owned by the Government of Abu Dhabi, is the sole offtaker under a power purchase agreement being extended beyond the maturity of the bonds.

A Rule 144A/Regulation S Registered senior secured U.S. Dollar fixed-rate amortizing green bond offering with a 30 June 2053 final / legal maturity and expected 17.0-year weighted average life will follow, subject to market conditions.

Expected ratings of the Bonds are A3 by Moody’s and A by S&P. FCA / ICMA stabilisation applies.

Proceeds will be used to finance or refinance the expenditure related to ADPV2 as detailed in the Green Bond Framework. The Climate Bonds Standards Board has approved the Pre Issuance Climate Bonds Standard Certification for the Green Bond. The Issuer engaged DNV to provide the verification. The Green Bond Framework, CBI Certificate and the DNV Second Party Opinion and CBI Pre-Issuance Verification can be found: https://www.adpv2.ae/green-credentials

FCA/ICMA stabilisation applies.

UK MiFIR professionals/ECPs-only – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).

MiFID II professionals/ECPs only - Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).