The Abu Dhabi Securities Exchange (ADX) announced on Thursday the listing of its first green bond, which is expected to contribute to the UAE’s efforts towards a net-zero future in 2050.

The $700 million fixed-rate amortising senior secured green bonds were issued by solar energy firm Sweihan PV Power Company (SPPC), which operates Noor Abu Dhabi, one of the world’s largest single site solar projects.

The listing takes the total number of debt instruments listed on the local bourse to 28.

Sweihan is 60 percent owned by Abu Dhabi energy firm TAQA, with the remaining 40 percent owned by Marubeni Corporation and JinkoSolar.

Its Noor Abu Dhabi plant has 1.2 gigawatts of direct current power generation capacity, which is the equivalent of supplying power to more than 90,000 households while reducing carbon dioxide emissions by one million metric tons a year.

According to Jasem Husain Thabet, TAQA’s Group CEO and Managing Director, the growing interest in green investing and availability of capital for green projects could support the UAE’s efforts to achieve its net zero objectives for 2050.