RAM Sustainability assigns highest green rating to Solarpack Suria Sungai Petani’s 90.88 MWac solar plant

Published on 10 Feb 2023.

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RAM Sustainability has assigned a Tier-1 Environmental Benefit (EB) rating to Solarpack Suria Sungai Petani Sdn Bhd’s (3SP or the Issuer) RM285 million ASEAN Green SRI Sukuk Wakalah (the Sukuk). This instrument also carries credit ratings assigned by RAM Ratings.

Issuance proceeds from the Sukuk will be used to refinance costs related to the construction, ownership and operation of a 90.88 MWAC solar photovoltaic power plant (the Plant) in Sungai Petani, Kedah, Malaysia and to defray ancillary costs. The Tier-1 EB rating assigned to the Sukuk reflects the Plant’s significant net contribution to climate change mitigation. Having commenced operations on 8 March 2022, the Plant will generate approximately 177 GWh of clean renewable energy per year. 

RAM Sustainability’s second opinion on 3SP’s ASEAN Green SRI Sukuk Wakalah Framework (the Framework) concludes that it is aligned with the disclosure requirements of Securities Commission Malaysia’s Sustainable & Responsible Investment Sukuk Framework, the ASEAN Green Bond Standards and the globally recognised Green Bond Principles (GBP). The Framework is also aligned with all core areas and 12 out of 19 recommendations under the latest pre-issuance checklist of the GBP, published on 28 June 2022. 

RAM Sustainability is a provider of sustainability services and Environment, Social and Governance analytics. Incorporated on 31 May 2000, it is a wholly owned subsidiary of RAM Holdings Berhad. RAM Sustainability is the first ASEAN-based provider of sustainability ratings and second opinions. It also has the distinction of being the first Registered Observer of the International Capital Market Association’s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines in the ASEAN region. On 12 August 2020, we became an Approved Verifier for the certification of climate bonds under the Climate Bonds Standard & Certification Scheme, after having been awarded the status by the Climate Bonds Standards Board. For further details, see https://www.ram.com.my/sustainability.  


Analytical contacts
Amirah Jamil


This external review or second opinion is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for an investor, nor does it involve any audit by RAM Sustainability. 

Published by RAM Sustainability Sdn Bhd 
© Copyright 2023 by RAM Sustainability Sdn Bhd

Publication Date Published Category
Solarpack Suria Sungai Petani Sdn Bhd ASEAN Green SRI Sukuk Wakalah Framework 10-Feb-2023 Green Bond/Second Opinion Report View PDF