RAM Sustainability assigns Gold rating to BPP Solar’s ASEAN Green SRI Sukuk Murabahah Programme Framework

Published on 03 Nov 2026.

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RAM Sustainability has assigned a Gold sustainable finance rating to BPP Solar Sdn Bhd’s (BPP Solar) ASEAN Green SRI Sukuk Murabahah Programme Framework (the Framework) following a second-party opinion assessment.

BPP Solar, a wholly owned subsidiary of MSR Green Energy Sdn Bhd (MSRGE or the Company) and in its capacity as the project company, will develop and operate two large-scale solar photovoltaic plants in Bachok and Pasir Puteh, Kelantan, with a combined capacity of 200 MWac (the Solar Plants). The plants are expected to begin commercial operations by 31 December 2027 under a 21-year power purchase agreement with Tenaga Nasional Berhad.

The rating reflects the significant sustainability impact of BPP Solar’s eligible projects, MSRGE’s established sustainability governance, and the Framework’s strong alignment with transparency and disclosure requirements.

BPP Solar will issue Islamic medium-term notes under a programme of up to RM535.0 mil in nominal value. The proceeds will part-finance up to 80% of project costs for the plants, including design, engineering, procurement, construction, commissioning, ownership, operation and maintenance of the Solar Plants. RAM Sustainability has assigned a Tier-1 Environmental Benefit ranking to the Solar Plants under the Renewable Energy category. The Solar Plants support Malaysia’s energy transition objectives by expanding renewable energy capacity and displacing carbon-intensive electricity generation.

MSRGE’s board of directors oversees sustainability matters, supported by its Sustainability Steering Committee and Sustainability Working Group. Sustainability practices are implemented through its ISO-certified management systems and operational procedures. Although MSRGE has yet to formalise an overarching sustainability framework, its governance structure, management systems and renewable-energy focus provide a sound basis for managing BPP Solar’s sustainability responsibilities. The Company plans to strengthen its sustainability governance and introduce additional sustainability policies as its business grows.

 

Analytical contact
Amirah Jamil
(603) 2708 8294
amirah@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my

 

This external review or second-party opinion is not a recommendation to purchase, sell or hold a security, in as much 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. It is also not a credit assessment on the proposed Green, Social or Sustainability Bonds/Sukuk.

About RAM Sustainability

RAM Sustainability Sdn Bhd (RAM Sustainability) is a provider of sustainability services and ESG 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 ESG ratings and second opinions and has the distinction of being the first Registered Observer of ICMA’s Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles in ASEAN. For further details, please refer to https://www.ram.com.my/sustainability.

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