From left: Rising Promenade Sdn Bhd managing director/CEO Datuk Farisah Mohd Farid, Malakoff Corp Bhd executive vice chairman Tan Sri Che Khalib Mohamad Noh and Malakoff Corp managing director/CEO Anwar Syahrin Abdul Ajib.
KUALA LUMPUR: Malakoff Corp Bhd has achieved financial close in relation to RP Hydro (Kelantan) Sdn Bhd’s RM975mil in nominal value Asean Green SRI Sukuk Wakalah issuance.
The independent power producer (IPP) said the Asean Green SRI Sukuk Wakalah will be used to part finance a project with an aggregate installed capacity of 84 MW to be developed along Sungai Galas in the District of Kuala Krai, Kelantan.
It said the project will be financed through a combination of Asean Green SRI Sukuk Wakalah and shareholders’ equity contribution based on a finance-to-equity ratio of up to 80:20.
CIMB Investment Bank Bhd is the appointed sole financial advisor, sole principal adviser, sole lead arranger and sole lead manager for the Asean Green SRI Sukuk Wakalah.
Malakoff said the three small hydropower plants have a total installed capacity of 84 MW, namely Kemubu SHP (29.0MW), Kuala Geris SHP (25.0MW) and Serasa SHP (30.0MW).
The project will mark Malakoff’s entry into the hydropower generation business and is in line with its strategic transformation initiatives, where small hydro has been identified as a key growth area within its renewable energy portfolio.
"Furthermore, the project is aligned with Malaysia’s Renewable Energy Roadmap to leverage hydro’s full potential as one of the technology-specific pillars towards achieving a low carbon energy industry,” it said.
