MARC has issued this update on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) as part of its ongoing monitoring process on the RM1.0 billion Green SRI Sukuk that was issued to finance solar power plant projects in Gurun, Merchang and Jasin. While the Gurun plant has achieved commercial operation date (COD) in December 2018, the Merchang and Jasin plants had failed to achieve COD by the walkaway event date of January 27, 2019 under the second extension granted by Suruhanjaya Tenaga.   

MARC notes that Suruhanjaya Tenaga has extended the walkaway event date by 93 days to April 30, 2019 while the scheduled commercial operation date (SCOD) remained on July 31, 2018 for both plants. Construction work is ongoing at both plants; progress stood at 72.8% for the Merchang plant and 80.8% for the Jasin plant as at December 29, 2018 according to the independent consultant engineer’s report. QSP Semenanjung’s RM1.0 billion Green SRI Sukuk A+_IS rating currently remains on MARCWatch Negative.  

(For more information on the rating please see MARC’s report on QSP Semenanjung published on February 4, 2019 at www.marc.com.my.) 

Contacts:

Wan Abdul Muiz Wan Abdul Ghafar, +603-2717 2939 / muiz@marc.com.my;

Lim Hui Boon, +603-2717 2959 / huiboon@marc.com.my