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UiTM becomes world's first university to issue Green SRI Sukuk

Last update: 18/04/2018
PUTRAJAYA, April 18 (Bernama) -- Universiti Teknologi Mara (UiTM) has emerged as the first institute of higher learning in the world to issue a green SRI (sustainable and responsible investment) sukuk worth RM222.3 million to develop a solar photovoltaic (PV) power plant.

The 50MW utility solar power plant in Gambang, Pahang, which is expected to begin commercial operations in November, will make UiTM the first university in Malaysia to develop and operate a large-scale solar PV plant.

UiTM Board of Directors Chairman Tan Sri Dr Ahmad Zaidee Laidin said the plant, to be built on a 117.36-hectare site, would cost RM287 million and generate a revenue of more than RM650 million to UiTM over the 21-year power purchase agreement period.

"UiTM is making an equity injection of RM56 million to fund the project, while the remaining 80 per cent of the cost will be funded through the issuance of the RM222.3 million sukuk," he told a press conference here today.

Malaysia Rating Corp Bhd has assigned an AA- rating with a stable outlook to the green SRI sukuk, while Affin Hwang Investment Bank Bhd has been appointed the sukuk\'s lead arranger and lead manager.

Ahmad Zaidee said the PV plant would have more than 180,000 PV panels that could generate enough electricity to power over 22,000 households, thus would help Malaysia reduce its carbon dioxide emissions.

"Developed by special-purpose vehicle UiTM Solar Power Sdn Bhd, the plant is being constructed by a consortium comprising ET Solar and Northwest Electric Power Design Institute Co Ltd of China Power Engineering Consulting Group, and supported by local contractors," he noted.

As a value-added feature, Ahmad Zaidee said UiTM would also house its solar research centre at the site that would become a centre of excellence for renewable energy innovation, development and commercialisation.

"The research centre will be the first such facility in the world to be located at the same site as a commercial large-scale solar power plant," he added.