Saudi Electricity Company (SEC). has raised $2.4 billion through a triple-tranche sukuk (Islamic bonds) to fund its general corporate purposes, including capital expenditure.

The company raised $500 million, $700 million, and $1.2 billion from three-, six-, and 10-year tranches, the company said in a statement.

The three-, six-, and 10-year tranches have fixed rates of 4.310 percent, 4.518 percent, and 5.065 percent per annum.

The sukuk will be listed on the London Stock Exchange's International Securities Market, the statement said.

In its third quarter 2025 earnings release, the company said capital expenditure (capex) surged 86.4 percent year on year in the first nine months of 2025 to SAR 74 billion ($20 billion). 

The investments were primarily directed toward expanding power grid infrastructure, implementing battery energy storage system (BESS) projects, enhancing smart grid systems, improving generation efficiency, and upgrading service reliability. 

(Editing by Anoop Menon) (anoop.menon@lseg.com) 

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