Kuala Lumpur:TI TNB Genco Solar Kenyir 1 Sdn Bhd, a subsidiary of TNB Power Generation Sdn Bhd, has lodged an ASEAN Sustainability SRI Sukuk Wakalah Facility valued at up to RM2 billion with the Securities Commission Malaysia.

According to BERNAMA News Agency, TI TNB Genco, which is 70% owned by TNB Power Generation Sdn Bhd and 30% by Terengganu Incorporated Sdn Bhd, is involved in a joint venture to design, finance, and operate a hybrid hydro floating solar facility at Kenyir Lake, Terengganu. This facility will have a capacity of 595 megawatts (MW) with a 297MW/1,190 megawatt-hour battery energy storage system.

The proceeds from the sukuk issuance will be allocated to cover various project-related costs, including development, design, engineering, procurement, and construction expenses. It will also fund designated accounts, pre-operating expenses, and working capital requirements related to the project.

The tenure for the sukuk facility is set between one and 23 years, with the issuance anticipated within 90 business days following the lodgement. RHB Investment Bank is the principal adviser and lead arranger, with RHB IB and CIMB Investment Bank Bhd jointly managing the facility. Additionally, RHB Islamic Bank Bhd serves as the Shariah adviser for the facility.