RAM Ratings assigns final AA2/Stable rating to Solarpack Suria Sungai Petani’s green sukuk of up to RM305 million

Published on 03 Apr 2023.

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RAM Ratings has assigned a final rating of AA2/Stable to Solarpack Suria Sungai Petani Sdn Bhd’s (3SP, the Company) ASEAN Green SRI Sukuk Wakalah of up to RM305 mil (2023/2043) (the Sukuk). In doing so, we have reviewed all relevant transaction documents and find them to be in line with our expectations when the preliminary rating was assigned (published on 10 February 2023). 

3SP is an independent power producer with a 21-year power purchase agreement with Tenaga Nasional Berhad, awarded under Malaysia’s Large-Scale Solar 3 Scheme. The Company is contracted to design, construct, own, operate and maintain a 90.88MWac solar photovoltaic plant (the Plant) in Sungai Petani, Kuala Muda, Kedah. The Plant achieved commercial operations on 8 March 2022. Proceeds from the Sukuk will largely be utilised to refinance the bridging loan taken to fund the Plant’s construction. The rating considers a one-off issuance of RM285 mil. The Company’s Green Sukuk Framework was reviewed by RAM Sustainability Sdn Bhd.


Analytical contacts
Lee Jo Yee
(603) 3385 2583

Chong Van Nee, CFA
(603) 3385 2482


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