Tadau Energy issues Malaysia’s first ‘green’ suku

Malaysia-based solar energy firm Tadau Energy Sdn Bhd has raised $58 million through the issue of Sustainable Responsible Investment (SRI) sukuk, making it the first green sukuk issued in Malaysia. Sukuk commonly refers to the Islamic equivalent of bonds. However, as opposed to conventional bonds, which merely confer the ownership of a debt, sukuk grants the investor a share of an asset along with the cash flows and risk. The proceeds are expected to be used for financing a 50 MW solar project in Kudat, Malaysia. Affin Hwang Investment is the principal adviser, lead manager and facility agent for Tadau’s SRI sukuk issuance.

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