Cypark plans RM550m sukuk to fund solar projects

PETALING JAYA: Cypark Resources Bhd proposes an Islamic Medium-Term Notes Programme of up to RM550 million to finance three solar photovoltaic power plant projects.

It includes the costs and expenses associated with the design, engineering, procurement, construction and commissioning, ownership, operation and maintenance of the three 30MWAC solar photovoltaic power plant projects.

In addition, proceeds from the will also be used to finance the profit payments of the during the construction period and to pre-fund the initial minimum required balance to be deposited into the finance service reserve account.

The sukuk will have a tenure of up to 22 years from the date of first issuance.

Maybank Investment Bank has been appointed as the principal adviser, lead arranger and lead manager for the sukuk programme.

Source: The Sun Daily

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