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Malaysia: Solarpack raises MYR 285 million through a green bond issue

Solarpack, the solar energy company, has successfully raised MYR 285 million to finance the construction of its factory through an ASEAN Green SRI Sukuk Wakalah issue. This transaction marks Solarpack's first green project bond issue.

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Solarpack has successfully raised MYR 285 million through its project company 3SP by issuing an ASEAN Green SRI Sukuk Wakalah in accordance with the ASEAN Green Bond Standards, the Securities Commission Malaysia’s Sukuk Sustainable and Responsible Investment Framework and the International Capital Market Association’s Green Bond Principles.

These Islamic bonds consist of 38 semi-annual tranches with maturities ranging from one year to 19.5 years carved to closely match the cash flow generation of the project. The funds from the issue were used to refinance the bridge loan taken out to finance the construction of the plant.

Solarpack’s first green project bond issue

The facility received a credit rating of AA2 / Stable from RAM Rating Services Berhad while RAM Sustainability Sdn Bhd, which reviewed 3SP’s Green Sukuk framework, assigned a prime environmental benefit (EB) rating to the project. Maybank Investment Bank Berhad (MIBB) acted as lead advisor and lead arranger (PA/LA) while MIBB and CIMB Investment Bank Berhad (CIMB) acted as joint lead managers (JLM) on the issue.

According to Aditya Kulshrestha, head of project finance for Asia and Africa at Solarpack, “This transaction is a milestone for Solarpack as it represents the first green project bond issuance by Solarpack, allowing us to expand the sources of debt financing for our projects beyond the traditional loan market as we grow. The issue’s AA2 credit rating and top-tier environmental benefit rating underscore Solarpack’s continued commitment to the highest standards of corporate governance and environmental improvement.”

Solarpack, the most sustainable company in the world

Solarpack was recently ranked as the most sustainable utility in the world by Sustainalytics ESG Risk Ratings. In addition, the Spanish multinational also recently published a green financing framework to integrate its sustainability strategy into the company’s financing policy.

Solarpack aims to complete €1 billion of financial transactions qualified as green finance by the end of 2023, to develop projects that generate positive impact and accelerate the transition to clean and affordable energy for all, in line with its corporate objective.

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