MARC: Sinar Kamiri’s Green SRI Sukuk Wakalah Gets Rating Affirmed at AA-IS, Outlook Stable

Sinar Kamiri (SK)’s MYR 245 million Green, Sustainable and Responsible Investment (SRI) Sukuk Wakalah has received a rating affirmation at AA-IS with a Stable Outlook by the Malaysian Rating Corporation (MARC). SK owns and operates a 49.0MWac solar photovoltaic plant (SPP).

The rating affirmation reflects SK’s stable project fundamentals, supported by a 21-year power purchase agreement (PPA) with Tenaga Nasional, with the PPA largely reducing offtaker risk.

According to MARC, the rating is moderated by the variability risk in solar irradiance, which governs the amount of energy generated, as well as performance risks associated with plant operations.

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