RAM Ratings Assigns Final AA3 Rating to Solar Management Seremban’s MYR 260 Million SRI Sukuk

RAM Ratings (RAM) has assigned a final rating of AA3 to the MYR 260 million ASEAN Green SRI Sukuk (2020/2038) of Solar Management (Seremban) Sdn Bhd (SMS), with a Stable Outlook.

RAM had previously assigned a preliminary rating of AA3 to SMS which has now been finalised upon reviewing all relevant transaction documents and applied assumptions.

According to RAM, SMS has been contracted to design, construct, operate and maintain a 50 MWac solar photovoltaic plant in Rembau, Negeri Sembilan under a 21-year Power Purchase Agreement (PPA) with Tenaga Nasional Berhad. The plant, which commenced commercial operations on the 30th of January 2019, was completed via a lump-sum fixed-price tu...