Mudajaya to finance 49 MW in Malaysia with Islamic bonds

Sinar Kamiri (SKSB), an indirect wholly owned subsidiary of Mudajaya, plans to build the solar project in the town of Sungai Siput, Kuala Kangsar, Perak. The electricity generator and supplier has already filed documents with the Securities Commission Malaysia to issue the so-called Green SRI Sukuk Wakalah bonds, according to a  statement to the Bursa Malaysia stock exchange.

Petaling Jaya-based Mudajaya said that the group will issue the Green SRI Sukuk Wakalah bonds as a one-off exercise. The tenure of the Sharia-compliant bonds is up to 18 years from the date of issuance.

The Mudajaya group did not disclose additional information about the planned solar installation in Perak. It currently owns a 60% stake in an operational 10 MW solar array near the town of Gebeng, in the Malaysian state of Pahang. The installation has a 21-year PPA with utility Tenaga Nasional Berhad.