Masdar completed its first green bond issuance for $750m as the Abu Dhabi-based group prepares for intensified scrutiny as the global clean energy face of COP28 host the United Arab Emirates.

Masdar said the first in what it plans to be a $3bn green bond programme was more than five times oversubscribed, “demonstrating investor confidence in Masdar’s financial strength and its 17 years of sustainability credentials”.

The developer has one of the most ambitious agendas in global renewables, with a target for a 100GW portfolio by 2030, up from around 20GW now.

The bond proceeds will be used to fund that expansion in a wide-ranging strategy that Masdar said will embrace “solar, wind, renewable power transmission and distribution infrastructure, and battery storage assets”, and will be subject to “strict” ESG criteria.

Masdar is set for a spell in the spotlight as the UAE prepares to host the COP28 climate summit at the end of the year, amid controversy over the nation’s status as a major oil & gas producer.

COP28’s president-elect Sultan Ahmed Al Jaber is Masdar’s chairman and founding CEO, but also current chief executive of oil & gas group Adnoc, raising questions from some critics over whether he should be leading the summit.

Al Jaber said of the green bond issue: “Ahead of the UAE hosting the UN climate change conference, COP28, we must champion initiatives that advance climate finance and decarbonisation. Today, the successful issuance of Masdar green bonds will support these twin aims, by helping to provide funding towards renewable energy projects where they are needed most.”