KUALA LUMPUR: Pulau Indah Power Plant Sdn Bhd (PIPP), a 75% owned subsidiary of Worldwide Holdings Bhd (WHB), has issued RM2.76bil in sukuk wakalah to fund the long-term financing of its 1,200MW combined cycle gas turbine power plant in Selangor.
In a joint statement, WHB and PIPP said the sukuk, issued under a RM3bil programme, is Malaysia’s largest power-sector sukuk transaction since 2018.
“The sukuk wakalah programme carries an AA+ rating from Malaysian Rating Corp Bhd, reflecting PIPP’s strong credit fundamentals, stable long-term revenue under its 21-year power purchase agreement, and the plant’s critical role in strengthening Malaysia’s energy security.
“The issuance also marks a landmark brownfield sukuk refinancing exercise in Peninsular Malaysia, affirming investor confidence in the performance, stability and long-term strategic importance of operational energy assets,” they said. — Bernama
