Edra Power Holdings Sdn Bhd (EPH, rated AA1/Stable) has extended a letter of undertaking to irrevocably and unconditionally provide Edra Energy with requisite liquidity support to uphold the Sukuk’s AA3 rating.
KUALA LUMPUR: The expected delay for Edra Energy Sdn Bhd to start its 2,242 MW combined-cycle, gas turbine (CCGT) power plant in Alor Gajah, Melaka will not pose a credit concern in the immediate term, according to RAM Ratings.
In a statement on Monday, the rating agency said Edra Energy's management had secured standby letter of credit facilities in July 2021 to comply with the finance service reserve account requirement of the transaction.
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