MALAYSIA: MARC has extended its MARCWatch Negative placement on UiTM Solar Power’s outstanding RM202.3 million (US$45.41 million) green SRI Sukuk pending full resumption of operations at its plant.
The initial placement was made on the 28th January 2022, due to the cessation of operations at the plant following damage to its gas-insulated switchgear (GIS) and power transformer.
“We note that the plant has resumed operations at 50% capacity since the 10th June 2022, following the installation of a new transformer and temporary rectification works being undertaken on its existing GIS. However, the resumption at full capacity can only be achieved by replacing the existing GIS with a new one, the delivery of which from the original equipment manufacturer in Shanghai was hampered by a city-wide lockdown. We understand that the replacement had arrived on the 20th July 2022, with installation set to begin on the 28th July 2022. The plant is expected to return to full capacity on the 10th August 2022,” MARC said in a statement.