The rating agency said on Tuesday concurrently, the rating has been maintained at A+IS with a stable outlook.
“The rating action follows the confirmation from Suruhanjaya Tenaga vide letter dated July 15, 2019 that QSP Semenanjung’s solar power plant in Merchang has achieved commercial operation date (COD) on May 31, 2019, prior to the June 30, 2019 walkaway event date.
“With this development, all three QSP Semenanjung solar power plants are now fully operational; its plants in Gurun and Jasin had achieved COD on Dec 19, 2018 and April 30, 2019,” it said.
MARC said the MARCWatch Negative was placed on Jan 25, 2019 due to concerns that delays of the Jasin and Merchang plants in achieving COD within the prescribed timelines would increase the risk of termination of the power purchase agreements with Tenaga Nasional Bhd.
This risk has since abated. MARC will continue to monitor the performance of QSP Semenanjung’s solar power plants.
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