Government-controlled Saudi Electricity Company is reaching out to investors in various markets as it gets ready for the potential issuance of green dollar bonds, it has been confirmed.

In a statement to the Saudi Stock Exchange (Tadawul), the company announced it would start contacting investors in various markets, including Asia, Europe and the Middle East effective today, September 9, as it prepares for the potential sukuk offering.

The bonds, however, will be limited to certain investors and jurisdictions. The proceeds will be used for green-friendly projects.

“The potential offering of the green sukuk will be limited to qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions,” the kingdom’s main electricity producer said.

However, it has yet to be confirmed how much the issuance amount will be. “[The] amount is subject to market conditions and SEC’s requirements,” the firm said.

“[The purpose of the issuance is] to finance certain eligible green capital projects, as described in the [company’s] Green Sukuk Framework (GSF).

The company has commissioned HSBC and MUFG as “green structuring advisors” for the potential offering.

First Abu Dhabi Bank, HSBC, JP Morgan, MUFG and Standard Chartered Bank have also been tapped as joint lead managers, to arrange a series of fixed income investor calls in Asia, Europe and the Middle East starting on September 9.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

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