Burj Clean Energy Modaraba raises Rs1 billion through second sukuk

Burj Clean Energy Modaraba on Monday announced the successful closure of its second short-term sukuk, raising Rs1 billion after the issuance was upsized in response to strong demand from institutional investors.

The sukuk, closed on April 23, 2026, marks the latest capital-raising effort by BCEM, which operates as the first listed Islamic green energy fund on the Pakistan Stock Exchange.

The company said it is positioning itself as a platform to channel institutional investment into Pakistan’s green and sustainable energy sector. Proceeds from the issuance will support its pipeline of projects, including utility-scale wind and solar developments, battery energy storage systems, and energy solutions for corporate and industrial clients, along with retail offerings.

The funds will also be used to expand BCEM’s presence in the electric vehicle ecosystem, including financing EVs and developing charging infrastructure.

Chief Executive Officer Nabeel Malik said the oversubscribed issuance reflects investor confidence in the company’s investment model and growth strategy as the country’s energy landscape evolves toward decentralised solutions.

The sukuk, which is unsecured and privately placed, received a preliminary rating of ‘A1’ from VIS Credit Rating Company Limited, indicating the company’s credit profile and institutional backing.

The transaction was supported by Next Capital Limited as financial advisor, Mohsin Tayebaly & Co. as legal counsel, and Alhamd Shariah Advisory Services as Shariah advisor.