ICD serves as Bookrunner for SEC’s USD 2.4 billion triple-tranche Sukuk with 3-year, 6-year, and 10-year tenors.
First mandate with Saudi Electricity Company on its international Sukuk programme. This issuance came after a global virtual promotional campaign for investors that began on January 14, 2026, and the issuance was successfully offered and priced on January 15, 2026.
Transaction supports sustainable infrastructure development aligned with Saudi Arabia’s Vision 2030.
Reinforces ICD’s commitment to deepening Islamic capital markets and mobilizing institutional capital for sustainable development.
Strengthens SEC’s funding base for critical energy transition investments including grid modernization, renewable energy integration, and smart grid infrastructure.
Jeddah, Saudi Arabia, 27 January 2026 – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has participated as Bookrunner in Saudi Electricity Company’s (SEC) landmark USD 2.4 billion triple-tranche Sukuk issuance. This significant transaction demonstrates continued investor confidence in both SEC’s strategic positioning as Saudi Arabia’s premier utility company and the depth of Shariah-compliant capital markets supporting sustainable infrastructure development in the Kingdom.
The Sukuk was priced on 15 January 2026 across 3-year, 6-year and 10-year maturities at T+70bps, T+75bps and T+90bps, translating into fixed profit rates of 4.310%, 4.518% and 5.065%, respectively. Books peaked at over USD 10.1 billion (≈4.2x overall), with broad participation from Asia, Europe and the Middle East. The Sukuk will be listed on the London Stock Exchange’s ISM.
This marks ICD’s first mandate with Saudi Electricity Company on its international Sukuk programme, representing a strategic milestone in the Corporation’s collaboration with systemically important infrastructure issuers across the region. The triple-tranche structure, comprising 3-year, 6-year, and 10-year maturities, provides SEC with flexible, long-term Shariah-compliant financing for general corporate purposes. This diversified tenor profile addresses diverse investor preferences while optimizing SEC’s funding strategy to support its capital-intensive infrastructure development programme.
The Sukuk proceeds will support SEC’s ongoing investments in critical energy infrastructure, including grid strengthening and expansion, renewable energy integration, and advanced digitalization initiatives such as smart grid technologies. These strategic investments directly align with Saudi Arabia’s Vision 2030 objectives for sustainable economic diversification, enhanced energy efficiency, and the Kingdom’s ambitious renewable energy targets. As the backbone of Saudi Arabia’s electrical power infrastructure, SEC plays a pivotal role in enabling the energy transition required to support the Kingdom’s economic transformation and climate commitments.
ICD’s participation as Bookrunner reflects its strategic commitment to developing Islamic capital markets across member countries and mobilizing global institutional capital for sustainable infrastructure and private sector development. This mandate underscores ICD’s technical expertise in structuring and distributing Shariah-compliant securities for large-scale infrastructure financings, reinforcing the Corporation’s pivotal role in deepening capital markets infrastructure and expanding financing alternatives for systemically important institutions driving economic development across its member countries.
The successful execution of this Sukuk issuance highlights the robust global appetite for high-quality Shariah-compliant investment opportunities from premier regional utilities. It also demonstrates the growing sophistication of Islamic capital markets in channeling institutional capital toward sustainable infrastructure development, energy transition initiatives, and climate-aligned investments that support long-term economic resilience and environmental sustainability across the broader Middle East and North Africa region.
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