Clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has made a lodgement with the Securities Commission (“SC”) for the establishment of an Islamic Medium-Term Notes (“IMTNs”) programme (“IMTN Programme”) and an Islamic Commercial Papers (“ICPs”) programme (“ICP Programme”), with a combined limit of up to RM1.0 billion (“Sukuk Programmes”).
Under the IMTN Programme, Solarvest may also issue Sustainable and Responsible Investment IMTNs (“Sustainability IMTNs”) in accordance with Solarvest’s Sustainability Sukuk Framework and the Sustainability Guidelines defined in SC Guidelines on Unlisted Capital Market Products.
The credit rating agency, RAM Rating Services Berhad, has assigned a stable outlook and preliminary credit ratings of A1 (long-term) and P1 (short-term) to the IMTNs Programme and ICPs Programme, respectively. Meanwhile, Malaysian Rating Corporation Berhad (“MARC”) has assigned a “Gold” impact assessment to Solarvest’s Sustainability Sukuk Framework.
The IMTN Programme has a tenure of 30 years, while the ICP Programme has a tenure of 7 years from the date of the first issue.
Solarvest CEO Davis Chong Chun Shiong said, “These Sukuk Programmes will provide us with a robust war chest to fulfil both our short and long term funding needs in accelerating our growth plans. This access to the debt capital will diversify our funding sources and allow us to reach out to a wider pool of sophisticated investors, which significantly enhance our capacity to undertake larger-scale projects, both domestically and internationally, enabling us to seize opportunities swiftly as they arise.”
“The funds raised will be allocated towards capital expenditure, working capital, acquisition of projects, investments and assets that align with our long-term vision. Notably, the timing is opportune as we anticipate the announcement of quota awards under the 800-megawatts Corporate Green Power Programme,” he added.
RHB Investment Bank Berhad is the Principal Adviser, Lead Arranger, Lead Manager, and Facility Agent for the Sukuk Programmes, while RHB Islamic Bank Berhad acts as the Shariah Adviser. RHB Investment Bank Berhad is also the Framework Adviser for the Sustainability Sukuk Framework.