MALAYSIA: RAM has reaffirmed its ‘AA2/Stable’ rating on Edra Solar’s RM245 million (US$51.88 million) ASEAN Sustainability SRI Sukuk, a statement read.
The rating reflects the sound project economics of the company’s 50 MWac solar photovoltaic plant in Kedah, while the company’s favorable power purchase agreement with Tenaga Nasional and the plant’s robust operational performance underline Edra Solar’s sturdy debt coverage, said RAM.