Burj Clean Energy Modaraba has successfully secured Rs. 1 billion by issuing its second short-term sukuk, showing strong interest from institutional investors.
The offering, which closed on April 23, 2026, was increased in size due to higher-than-expected demand.
The company operates as the first listed Islamic green energy fund on the Pakistan Stock Exchange and aims to attract investment into the country’s renewable energy sector. Officials said the funds raised will be used to support a range of upcoming energy projects.
These projects include large-scale wind and solar developments, as well as battery storage systems designed to improve energy reliability.
The company also plans to provide energy solutions for corporate and industrial clients, along with services for individual consumers.
In addition, part of the investment will be directed toward expanding involvement in the electric vehicle sector. This includes financing electric vehicles and building charging infrastructure to support their growing use.
Chief Executive Officer Nabeel Malik said the strong response to the sukuk reflects confidence in the company’s strategy and its focus on clean energy solutions.
He added that the initiative aligns with changing energy needs and increasing demand for sustainable options.
The sukuk, which was privately placed and unsecured, received an ‘A1’ preliminary rating from VIS Credit Rating Company Limited. This rating highlights the company’s financial stability and investor trust.
Advisory support for the transaction was provided by Next Capital Limited, with legal and Shariah guidance from relevant experts.