KUALA LUMPUR: Malayan Banking Bhd (Maybank) and OCBC Bank (M) Bhd have jointly arranged for a RM1.1 billion Islamic term financing facility to fund a project under YTL Power International Bhd’s green initiative.
The funds will be used to underwrite the cost of development of YTL DC South Sdn Bhd’s 48-megawatt IT load hyperscale data centre located in Kulai, Johor.
YTL DC is a unit of YTL Power International.
Maybank Global Banking Group CEO Muzaffar Hisham said the new financing facility was the bank’s effort to assist in the YTL Group’s sustainability agenda for a low carbon and climate resilient transition.
“This would accelerate YTL’s aspirations to achieve carbon neutrality by 2050. This transaction would further mobilise RM50 billion in sustainable financing by 2025,” he said.
The transaction signifies YTL Power’s ongoing commitment to make the transition to a green and circular economy while contributing to its environmental objectives of climate change mitigation and the promotion of green buildings.
OCBC Bank Malaysia managing director and head of investment banking Tan Ai Chin said OCBC has doubled its sustainable financing target to S$50 billion (RM154 billion) compared with a previously set target of S$25 billion (RM77 billion) to be achieved by 2025.
“This comes after OCBC’s remarkable achievement of surpassing the initial target with a total S$34 billion (RM104 billion) sustainable financing in 2021,” she added.