Saudi Electricity Company (SEC) will hold meetings with fixed-income investors from Friday for a potential dollar-denominated green and/or conventional sukuk program. 

However, the issuance of the proposed unsecured sukuk will be subject to market conditions, the Saudi-listed utility provider said in a statement on Wednesday.  

The sukuk is expected to be issued through a special-purpose vehicle, which will be open to eligible investors in Saudi Arabia and globally.

The statement added that the new funds will be used for general corporate purposes, including capital expenditures.

HSBC Bank, Standard Chartered Bank, J.P. Morgan Securities, First Abu Dhabi Bank, MUFG Securities EMEA, Mizuho International, SMBC Nikko Capital Markets Limited, SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Abu Dhabi Islamic Bank, Bank of China, Abu Dhabi Commercial bank, Natixis, and Societe Generale have been mandated as joint lead managers for the potential offer.

On Thursday, Saudi lender Al Rajhi Bank completed the issuance of a $1 billion sustainable sukuk, which will be listed on the London Stock Exchange's International Securities Market.

(Editing by Seban Scaria