Saudi Arabia’s Public Investment Fund raises $3bn via inaugural green bond

Saudi Arabia’s Public Investment Fund raises $3bn via inaugural green bond

Saudi Arabia’s Public Investment Fund (PIF) has completed its debut bond issuance raising $3bn to finance or refinance its green investments, in accordance with its Green Finance Framework. The first-ever century green bond was more than eight times oversubscribed, with orders exceeding $24bn. The sovereign wealth fund’s green investments include eligible green projects in renewable energy, energy efficiency, sustainable water management, pollution prevention and control, green buildings and clean transportation, a statement said. The bond was issued in 3 tranches, comprising: The issuance forms part of PIF initiatives to support the kingdom’s green agenda and follows previous announcements by the wealth fund such as the launch of the MENA Voluntary Carbon Market and the renewable projects PIF is spearheading as part of the its commitment to develop 70 per cent of Saudi Arabia’s renewable energy capacity outlined by Saudi Vision 2030, the statement added. “The strong investor support for the issuance is a testament to PIF’s strong financial profile, world-class governance, exceptional green projects and the diversity of its business and portfolio,” said Fahad AlSaif, head of PIF’s global capital finance division. “It also reflects PIF’s leading role in transforming Saudi Arabia’s economy and the broad range of green and