State utility Saudi Electricity (SEC) announced on the Tadawul exchange on 13 September that a ‘Green Sukuk’ launched on 10 September had raised $1.3bn in two $650mn tranches (MEES, 11 September). A five-year tranche offers a 1.74% fixed annual profit and a 10-year tranche offers 2.413% a year.
In preparation for the sukuk, SEC earlier issued a Green Sukuk Framework document, which revealed an initial plan to spend “more than” SR797mn ($213mn) to connect a number of renewables projects to the transmission grid in 2020-21. A further SR8.2bn ($2.2bn) will be spent during 2022-25 on integrating the planned 2GW Sudair solar project (MEES, 24 July), seven solar projects with 1.47GW capacity combined in renewables agency Repdo’s Round 2 tender (MEES, 10 April) and the 400MW Dumat Al Jandal wind farm (MEES, 31 January). (CONTINUED - 336 WORDS)