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Malaysia’s TNB Genco Issues Sustainability Sukuk Worth MYR 1.5 Billion to Fund Local Hydroelectric Power Plant Project 

Malaysia’s TNB Genco Issues Sustainability Sukuk Worth MYR 1.5 Billion to Fund Local Hydroelectric Power Plant Project 

June 03, 2022 | Updated at June 03, 2022

http://iml.esgmarkets.co/articles/malaysia-s-tnb-genco-issues-sustainability-sukuk-worth-myr-1-5-billion
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By IM Insights

Tenaga Nasional Berhad (TNB) has announced the issuance of MYR 1.5 billion (USD 342 million) sustainability Sukuk Wakalah by its wholly-owned subsidiary TNB Power Generation Sdn Bhd (TNB Genco), under its 30-year MYR 10 billion (USD 2.3 billion) Sukuk Wakalah Programme, as per a bourse filing made on 2nd of June 2022.

Why it Matters?

The issuance will fund TNB’s Nenggiri Hydroelectric Power Plant project in Kelantan, Malaysia. TNB Genco is expected to support TNB’s sustainability commitment to mitigating climate, moving towards decarbonisation and renewable energy, and achieving net-zero emissions by 2050 through adopting greener, cleaner and more efficient power generation technology. Orders received for the offer amounted to an aggregate...