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MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding sukuk of RM3.4 billion with a stable outlook. The affirmed rating is driven by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand, and fuel price risks are allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). The rating is moderated b...
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MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook.The affirmed rating is underpinned by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand risk is allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). Capacity payments (CP) under the PPA are designed to ...
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MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power has developed a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, which achieved commercial operation date (COD) on January 1, 2021 for Block 1 and February 19, 2021 for Block 2. The rating affirmation is drive...
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MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (SPG) Sukuk Wakalah of up to RM4.0 billion with a stable outlook.SPG is a 51:49 joint venture between Tenaga Nasional Bhd (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720-megawatt (MW) combined-cycle gas-fired power plant in Pasir Gudang. Construction of the power plant is nearly complete, regist...
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MARC is issuing this update on Southern Power Generation Sdn Bhd’s (SPG) Sukuk Wakalah to highlight the potential impact from a force majeure declaration made by the engineering, procurement and construction (EPC) contractor on the 2x720MW combined cycle gas-fired power plant project being undertaken by the company in Pasir Gudang. The declaration arose from the imposition of the Movement Contro...
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MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook.
Southern Power is a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720MW combined cycle gas-fired power plant in Pasir Gudang.
The rating affirmation reflects t...
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MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook.
The affirmed rating primarily reflects Southern Power’s predictable operational cash flow on the back of an availability-based tariff structure under a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) (AAA/Stable). ...
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MARC has assigned a preliminary rating of MARC has affirmed the AA--IS to Southern Power Generation Sdn Bhd’s (Southern Power) proposed Sukuk Wakalah of up to RM4.0 billion. The outlook on the rating is stable. Southern Power, a 51:49 joint venture between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd, will utilise proceeds from the sukuk to develop a 2x720-megawatt combined cycle gas-fi...
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