Saudi Utility Raises $1.3 Billion From Green Bonds
- Saudi Electricity Co. sells $1.3 billion of green sukuk
- Sale marks first ESG-compliant debt security in Saudi Arabia
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Saudi Electricity Co. sold the first green bond from the world’s largest oil-exporting nation, the latest milestone in the expansion of environment-friendly debt instruments.
State-owned Saudi Electricity issued $1.3 billion of five- and 10-year dollar-denominated sukuk to finance green capital projects. Final spreads narrowed 30 basis points for both maturities from initial price talk to 140 basis points and 170 basis points, respectively, according to details of the deal that priced on Thursday.