MARC Assigns Preliminary AA-IS Rating to Sparks Energy 1’s Proposed MYR 220 Million SRI Sukuk

Malaysian Rating Corporation (MARC) has assigned a preliminary rating of AA-IS to Sparks Energy 1’s proposed MYR 220 million ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk, with a Stable Outlook.

Sparks Energy 1 was incorporated as a special purpose vehicle to raise funds for the development of 30 MWac solar power plants in Kuala Muda, Kedah and Machang, Kelantan. These power plants are being developed by BGMC BRAS Power (BBP) and Idiwan Solar (IS) at a total cost of MYR 411.7 million under solar power purchase agreements (PPA) with Tenaga Nasional (TN) (rated AAA/Stable by MARC). Proceeds from the proposed MYR 220 million Sukuk will be used to subscribe to unrated Sukuk to be issued by BBP and IS....