Coronavirus company news summary – Saudi Electricity Company issues $1.3bn in bonds – India increases loans to power distributors

14 September 2020 (Last Updated September 14th, 2020 09:51)

14 September

Saudi Electricity Company has sold $1.3bn in dual-tranche, Islamic bonds. It claims this is the first public green issuance in the country in 2020.  It sold $650m in a five-year tranche at 140 basis points over midswaps, with another $650m of ten-year Islamic bonds at 170 basis points over midswaps, Reuters reported.

Risen Energy, a manufacturer of solar photovoltaic products, has announced a structured 140MW supply contract with UPC-AC Energy Solar Asia. As per the deal, Risen's Mono PERC modules will be provided into early 2021.

The Government of India seems likely to increase the special loans it has offered to state-run power electricity distribution companies. The increase will bring the loans up to $16.3bn (Rs1.2tn), from the $12.2bn (Rs 900bn) previously announced. These loans were intended to cover the extra dues of distribution companies to power generators for the April-June period, a senior official told Financial Express. Due to additional difficulties as a result of the coronavirus lockdown, several states requested a widening of the window, according to power ministry secretary Sanjiv Nandan Sahai.