MARC Affirms Sinar Kamiri’s MYR 245 Million Green SRI Sukuk Wakalah AA-IS Rating; Stable Outlook

Malaysian Rating Corporation (MARC) has affirmed its AA-IS rating on Sinar Kamiri’s MYR 245 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah, with a Stable Outlook. Sinar Kamiri is a special purpose project company that owns and operates a 49 MWac solar power plant in Sungai Siput, Perak, Malaysia.

Ratings Rationale

The rating affirmation reflects Sinar Kamiri’s project fundamentals that are based on the terms of a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB), which includes the purchase of energy generated by the plant at a fixed tariff. The rating is moderated by the risk of solar irradiance variability which impacts the amount of energy generated, as well as performance risks...