MALAYSIA: RAM Sustainability has assigned a Tier-1 Environmental Benefit (EB) rating to pure-play renewable energy producer reNIKOLA Holdings’s solar and bioenergy eligible activities, and a Tier-1 to Tier-2 EB rating to its hydropower eligible activity, following an external review of the company’s Green Financing Framework, a press release read.
Separately, RAM Sustainability has also independently verified reNIKOLA Solar II’s ASEAN Green SRI Sukuk of up to RM390 million (US$85.53 million), which gained Climate Bonds certification under the Climate Bonds Standard on the 28th July 2023, making it the first certified climate Sukuk in Malaysia and the world.
reNIKOLA Solar II is a subsidiary of reNIKOLA Holdings. The proceeds from the certified climate Sukuk will be utilized to part-refinance the project costs of two 30 MWac solar plants located in Machang, Kelantan and Kuala Muda, Kedah.