(Bloomberg) -- Masdar, a major operator of solar power plants in the United Arab Emirates, is planning a second green bond issuance this year to help grow renewable capacity.

The bond issue will be of similar value to its first $750 million green bond earlier this year, Chief Financial Officer Niall Hannigan said in an interview with Bloomberg TV.

Hannigan is confident that Masdar’s target to increase capacity by the end of the decade to 100 gigawatt remains “very much in reach.” The plan may involve acquisitions, he said.

Masdar intends to make a number of announcements about increased capacity over the coming days of the COP28 climate summit which started this week in Dubai. 

Masdar’s chairman is Sultan Al Jaber. The UAE faced criticism for naming Al Jaber president for COP28 as he is the chief executive officer of its main oil company which plans to raise crude production capacity.

--With assistance from Sarah Halls and Gaia Lamperti.

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