The Saudi Electricity Company plans to issue US dollar-denominated bonds soon, according to Reuters, according to informed sources.
The potential issuance will come amid a wave of debt sales in the Gulf, including the $ 1 billion two-tranche bonds sold by the Saudi Basic Industries Corporation (SABIC) last week. / p>
one of the sources said that Saudi Electricity intends to sell green sukuk to use its proceeds in environmentally friendly projects. In June, the company published a framework for these sukuk.
The company has not yet responded to a Reuters request for comment.
governments and companies in the Gulf have increasingly sought over the past few years to attract debt investors to raise liquidity in an era of weak oil prices and low interest rates around the world.
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Funding needs increased this year with mounting pressure on government and corporate finances in the wake of the dual shock of the Covid-19 pandemic and the drop in oil prices.
And last month, Saudi Electricity, the main producer of electricity in the kingdom, with an indirect government ownership interest of 81.1%, said it had signed a joint Islamic loan worth 9 billion riyals (2.4 Billion) with local banks.
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