PETALING JAYA: Renewable energy company reNIKOLA Holdings Sdn Bhd is looking to raise up to US$438 million (RM2 billion) to finance its pipeline of projects over the next three years.
This includes solar projects in Southeast Asia, its managing director Boumhidi Adel told Reuters.
Headquartered in Kuala Lumpur, the company owns and operates large-scale solar power plants across Peninsular Malaysia.
reNIKOLA is looking to grow its renewable energy projects under operation and development to one gigawatt-peak (GWp) in the next three years from its existing 178 megawatt peak (MWp) plants in operation now, he said.
The company will be issuing a US$390 million (RM1.78 billion) Islamic bond or sukuk in August, which Boumhidi said will be the first sukuk to be “climate bonds certified”.
Certified climate bonds are bonds whose assets and projects contribute to a low-emission economy.
reNIKOLA, which is 45%-owned by Thailand’s B.Grimm Power, is also looking to complete a reverse takeover of Bursa Malaysia-listed shell company Pimpinan Ehsan Bhd by the first quarter of 2024.
“That listing exercise is expected to raise additional equity to the group, which will be used for development of more renewable projects,” Boumhidi told the news agency.
“Our predominant focus is Malaysia but we are also exploring projects in Asean and South Asia,” he said.
He added the company is also eyeing other forms of renewable energy such as biogas and green hydrogen besides solar.
Uptake of renewable power is rising quickly in Southeast Asia as their booming economies grapple with power cuts due to a weak power grid and climate change, focusing attention on the need for green power.