Dubai-listed utility giant Tabreed will issue up to $2 billion in additional non-convertible debt instruments, including bonds or sukuk.

The issuance, which may be in one or more tranches, received the approval from the shareholders at the Annual General Assembly meeting on Tuesday.

Tabreed recently concluded its $700 million green sukuk issuance, which was nearly 2.6 times oversubscribed. The offering’s net proceeds are to be used for financing or refinancing projects.

The company has investment grade credit ratings from Moody’s (Baa3) and Fitch (BBB), which are in line with its corporate ratings.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)