Saudi Sovereign Wealth Fund begins green bond sale

Saudi Arabia’s Public Investment Fund began a debut green bond sale Wednesday, seeking to tap global investors for projects at the heart of Crown Prince Mohammed bin Salman’s national economic transformation, Report informs via The Wall Street Journal.

It is offering bonds with terms of five, 10 and 100 years, according to a marketing document for the sale.

The size of the debt sale is unclear, but is expected to be billions of dollars based on a suite of green investments detailed last week in a sale prospectus. Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. are among the banks involved.

The Saudi fund has said it plans to invest more than $10 billion in green-friendly eligible deals by 2026. In the prospectus, PIF highlighted its plans to develop a tract of land the size of Massachusetts for a futuristic mega development called Neom and its investment in electric-car maker Lucid Group Inc. as examples of sustainable initiatives.

PIF also is tasked with developing dozens of gigawatts of renewable-energy capacity in the kingdom, which is one of the world’s biggest oil producers and carbon emitters.