RAM assigns Tier-1 rating to Sinar Kamiri's RM245m SRI sukuk

 Publish date: Wed, 6 Dec 2017, 03:14 AM

KUALA LUMPUR: RAM Consultancy Services Sdn Bhd has assigned the highest tier (Tier-1 rating) for environmental benefit to Sinar Kamiri Sdn Bhd's RM245 million Green Sustainable and Responsible Investment (SRI) sukuk.

Sinar Kamiri, an indirect subsidiary of Mudajaya Group Bhd, is a special-purpose vehicle set up to undertake the development of a 49-megawatt solar photovoltaic facility in Sungai Siput, Perak.

In a statement today, RAM said, the Tier-1 environmental benefit was based on the clear contribution of solar projects towards global carbon reduction under the 2 Degrees Scenario (2DS).

The 2DS was reaffirmed in the Paris Agreement during the 21st United Nation's Framework Convention on Climate Change Conference of the Parties where the goal was to limit global temperature rise to two degrees celsius when compared against pre-industrial levels.

RAM said the proceeds from the sukuk would be solely used for the design, construction, ownership, operation and maintenance of the project.

It said the project also had the potential to boost socio-economic growth of the surrounding community.

"Sinar Kamiri's Green SRI Sukuk Wakalah is aligned to the transparency and disclosure requirements of the Securities Commission's SRI Sukuk Framework and the International Capital Market Association's Green Bond Principles. - Bernama

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