The Saudi Electricity Company (SEC) completed a USD 1.25 bn green sukuk offering, which came as part of a USD 2.75 bn dual-tranche USD-denominated senior unsecured sukuk issuance, according to a disclosure to Tadawul on Wednesday. The green tranche has a maturity date of ten years with an annual return of 5.49%.

The offering: SEC issued a total of 13.75k sukuk, including 6.25k green ones, each carrying a par value of USD 200k and a minimum subscription set at USD 200k. The Sukuk will be listed on the London Stock Exchange’s International Securities Market.

Where’s the money going? The proceeds from the green tranche will be allocated to finance eligible projects under SEC’sGreen Sukuk Framework, according to an earlier disclosure published on Tuesday.

Advisors: The SEC has tapped HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Mizuho, MUFG, SMBC, Intesa Sanpaolo, Alistithmar Capital, BofA Securities, ICBC, BNP Paribas, Bank of China, and SNB Capital as joint lead managers.

MORE FROM SAUDI-

#1- Ma’aden’s USD 1.25 bn trust certificate issuance was 9.2x oversubscribed, with orders surpassing USD 11.5 bn (c. AED 42.24 bn), according to a statement. The USD-denominated trust certificates’ offering — issued as senior unsecured sukuk — was slated to be settled yesterday, 13 February, but the company is yet to make an update as of the early morning hours of today. The issuance is planned for listing on the London Stock Exchange’s International Securities Market.

The breakdown: The five-year tranche is worth USD 750 mn with 3.75k certificates issued and a 5.25% annual return, whereas the ten-year tranche raised USD 500 mn through 2.5k bonds with an annual return of 5.5%.

ICYMI- Ma’aden issued the trust certificates last week under its international trust certificate issuance program through a special-purpose vehicle. Each certificate has a par value of USD 200k and a minimum subscription of USD 200k, with USD 1k increments for going over. The proceeds will be allocated to finance the mining company’s general business activities.

#2- Miahona-led consortium achieves financial close on SAR 1.5 bn sewage treatment plant: A consortium led by Saudi-Miahona has achieved financial close on the SAR 1.5 bn (c USD 400 mn) Al Haer Independent Sewage Treatment Plant (ISTP) in Riyadh, according to a Tadawul disclosure on Sunday. The financiers include Banque Saudi Fransi, Arab Energy Fund, and Riyadh Bank. The plant will have a capacity of 200k cbm/day and is set to begin commercial operations in 4Q 2026, with financial impact expected as early as this quarter.

REMEMBER- The consortium is comprised of Saudi Power & Utility Company for Jubail and Yanbu (Marafiq), Miahone, and Belgian construction developer Besix. Marafic holds a 35% stake in the project, while Miahone has a 45% ownership. The developers were awarded a

a 25-year concession in March under the build, own, operate, and transfer model.

AND FURTHER AFIELD IN TURKEY-

#1- Turkey’s agrifood firm Ulusoy Un secured EUR 80 mn loan from the European Bank for Reconstruction and Development (EBRD) to support its renewable energy and energy efficiency initiatives, according to a press release published last week. The company will use the funds to support solar investment in central Turkey as well as wind power in western Turkey.

The details: The loan includes EUR 9 mn from the Clean Technology Fund under the EBRD’s High Climate Impact Programme. The concessional loan is outcome-linked to ensure that Ulusoy reduces its carbon footprint while tackling environmental issues and climate risk.

EBRD 💚 Turkey’s green projects: EBRD extended Kavram Enerji a USD 42 mn loan for solar production to in December, and a EUR 25 mn loan to QNB Finansleasing to support on-lending for green economy initiatives in November. It also extended a EUR 55 mn loan to Turkish renewable energy firm Borusan EnBW Enerji in September to build a 116 MW onshore wind energy project in Sivas and Tekirdağ.

#2- OPEC Fund backs Turkey’s green transition: The OPEC Fund signed a EUR 50 mn loan agreement with the Development Bank of Turkey (TSKB) to support on-lending investments into renewable energy expansion, energy efficiency, climate resilience, and technology development, according to a press release on Monday. The partnership marks the first loan agreement between the OPEC Fund and the TSKB.

Sounds familiar? OPEC fund approved a EUR 50 mn (c. USD 52.6 mn) loan planned for the TSKB-backed Climate Finance Facility Project to bolster investments in renewables, energy efficiency, and climate adaptation last year.

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