Press Releases
Displaying 1-10 of 15 results.
Friday, Sep 01, 2023
MARC Ratings has affirmed its rating of A+IS on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment Sukuk of RM182.3 million and revised the outlook to positive from stable.The outlook revision reflects the improved operational performance of UiTM Solar’s 50MWac solar photovoltaic plant in Gambang, Kuantan, that is in line with expectations and will...

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Wednesday, Mar 22, 2023
MARC Ratings has revised the outlook on UiTM Solar Power Sdn Bhd’s outstanding RM192.3 million Green SRI Sukuk to stable from negative. The rating on the sukuk is maintained at A+IS.The outlook revision considers the improvement in UiTM Solar’s liquidity and cash flow coverage metrics following the full receipt of insurance proceeds of RM20.0 million in December 2022 for equipment damage and b...

This article has been viewed 397 times.
Thursday, Dec 01, 2022
MARC Ratings has removed UiTM Solar Power Sdn Bhd’s rating from MARCWatch Negative placement and concurrently lowered the rating to A+IS from the AA-IS prior to the MARCWatch placement. The rating outlook is negative. The current outstanding is RM192.3 million Green SRI Sukuk.The rating removal from MARCWatch placement follows moderating concerns on UiTM Solar’s ability to meet upcoming financ...

This article has been viewed 460 times.
Thursday, Nov 17, 2022
In the previous rating update issued on October 11, 2022, MARC Ratings indicated its ongoing concerns on UiTM Solar Power Sdn Bhd that despite the full resumption of operations of its 50MWac solar power plant in Gambang, Pahang in August 2022, the company is reliant on insurance proceeds and/or third-party guarantees to meet future financial obligations until residual operational cash flows reach ...

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Tuesday, Oct 11, 2022
MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM192.3 million, where it has been since January 28, 2022.The rating action reflects MARC Ratings’ concern on the limited time since the 50MWac plant fully resumed its operations on August 10, 2022, for the rating agency t...

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Wednesday, Jul 27, 2022
MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s  outstanding RM202.3 million Green SRI Sukuk pending full resumption of operations at its plant. The initial placement was made on January 28, 2022, due to the cessation of operations at the plant following damage to its gas-insulated switchgear (GIS) and power transformer. We note that the plant h...

This article has been viewed 369 times.
Wednesday, Apr 27, 2022
MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding RM202.3 million Green SRI Sukuk. The previous placement was made on January 28, 2022, due to the uncertain timing and implementation risk involved in restoring operations at its plant following unexpected damages to its gas-insulated switchgear (GIS) and power transformer.The extensi...

This article has been viewed 514 times.
Friday, Jan 28, 2022
MARC Ratings has placed its rating of AA-IS on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding RM202.3 million Green SRI Sukuk on MARCWatch Negative. UiTM Solar owns and operates a 50MW solar plant in Gambang, Pahang. The rating agency had on November 26, 2021, highlighted that the plant became non-operational due to unexpected damage of its gas-insulated switchgear and power transformer.The...

This article has been viewed 526 times.
Friday, Nov 26, 2021
MARC has been informed that UiTM Solar Power Sdn Bhd’s (UiTM Solar) 50MWac solar photovoltaic plant in Gambang, Pahang had experienced technical issues at its gas-insulated switchgear (GIS) and power transformer. The events have led to the plant currently being non-operational. UiTM Solar’s rating was affirmed at AA-IS/stable during the latest review in August 2021. The investigation into...

This article has been viewed 559 times.
Thursday, Aug 26, 2021
MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM202.3 million. The rating outlook is stable. UiTM Solar owns a 50MWac solar photovoltaic plant in Gambang, Pahang which was developed under a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) and became operational in ...

This article has been viewed 476 times.