Vigeo Eiris has provided a second-party opinion on the sustainability credentials and management of Saudi Electricity Company’s Green Sukuk Framework created to govern their issuances
Saudi Electricity Company’s Green Sukuks will finance or refinance Energy Efficiency Projects (Smart Meters) and Renewable Energy Projects (connection of wind and solar assets to the grid).
Vigeo Eiris is of the opinion that Saudi Electricity Company’s Green Sukuk Framework is aligned with the four core components of the GBP 2018. We express a reasonable assurance (our highest level of assurance) on the Issuer’s commitments and on the contribution of the contemplated Sukuks to sustainability.
Vigeo Eiris has produced more than 260 second-party opinions on sustainable financing operations in Europe, Africa, the Americas and Asia. We were the 3rd biggest SPO provider in the market by number of deals in 2019 and are a Climate Bonds Standard Approved Verifier.
Saudi Electricity Company (SEC) is the national Saudi electric energy company. It is involved in the generation, transmission and distribution of electric power in Saudi Arabia through 40 power generation plants in the country. The company was formed in 2000 by Order of the Council of Ministers through a merger of existing regional electricity companies in the Central, Eastern, Western and Southern regions into a single joint stock company. The company is 81.1% owned by the government.