RAM Sustainability completes independent post-issuance verification of the world’s first Certified Climate Sukuk, issued by reNIKOLA Solar II

Published on 06 Nov 2025.

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RAM Sustainability Sdn Bhd (RAM Sustainability) has independently verified reNIKOLA Solar II Sdn Bhd’s (reNIKOLA Solar II) ASEAN Green SRI Sukuk of RM390 million, the first Certified Climate Sukuk in Malaysia and the world, against the post-issuance requirements under the Climate Bonds Standard, which led to the post-issuance certification on 29 September 2025 by the Climate Bonds Standard Board.

Proceeds of the sukuk were used to partially finance and refinance the total development costs of two 30 MWac solar plants located in Machang, Kelantan and Kuala Muda, Kedah. reNIKOLA Solar II is a wholly owned subsidiary of reNIKOLA Holdings Sdn Bhd (the Group), a pure-play renewable energy producer. The use of the proceeds is in line with the Group’s Green Financing Framework which has been externally reviewed by RAM Sustainability. The Certified Climate Sukuk also carries a credit rating of AA2/Stable, last affirmed by RAM Rating Services Berhad on 23 September 2025.

The two large-scale solar plants have collectively produced 311 GWh of renewable energy as of March 2025, which has resulted in greenhouse gas emission avoidance of 240 kt/CO2e.

The Climate Bonds Standard is an overarching science-based, multi-sector certification scheme launched by the Climate Bonds Initiative, a non-profit organisation working to mobilise the USD100 trillion worth of climate-compatible infrastructure required between now and 2030 to meet Paris Agreement emissions reduction targets. Consistent with the goals of the Paris Agreement, the scheme focuses on the certification of debt instruments that address the challenge of climate change to enhance investor confidence and support investment decisions.

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

 

Analytical contacts

Nathania Wei 
nathania@ram.com.my

Amirah Jamil 
amirah@ram.com.my

 

This Post-Issuance Verification 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.

Published by RAM Sustainability Sdn Bhd 

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