RAM Reaffirms AA2/Stable Rating of Edra Solar’s MYR 245 Million ASEAN Sustainability SRI Sukuk

RAM Ratings (RAM) has reaffirmed the AA2/Stable rating of Edra Solar’s MYR 245 million ASEAN Sustainability SRI Sukuk. The reaffirmation reflects the strong operating performance of Edra Solar’s 50 MWac solar photovoltaic plant situated in Kuala Ketil, Kedah, which forms the basis of the company’s strong debt coverage that is backed by a 25-year power purchase agreement with Tenaga Nasional, which is rated AAA/Stable by RAM.

According to RAM, Edra Solar has faced minimal issues with insignificant outages since the completion of the plant in early 2019. In addition, the COVID-19 pandemic and the Movement Control Order have not impacted Edra Solar’s energy production, with the plant maintaining ful...