Pulau Indah Power Plant’s MYR2.76 billion sukuk marked a notable return of large-scale Islamic project financing to Malaysia’s power sector. The financing was structured for a 2x600MW combined cycle gas turbine plant, backed by sponsors Worldwide Holdings with a 75% stake and Korea Electric Power Corporation with 25%.
Its long-term revenue profile was supported by Tenaga Nasional Berhad as offtaker under a 21-year power purchase agreement from commercial operation date.
The transaction was notable for its size and its market timing.
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