CIMB Investment Bank is Euromoney’s best Islamic project finance house this year following its work on a range of transactions throughout the year, and for one in particular that stood out for its innovation and national importance.
The M$975 million ($204 million) green sukuk issued by RP Hydro Kelantan (RPHK) last summer was notable for not only being the largest greenfield non-recourse project financing in local-currency bond or sukuk format, but for funding the build and development of three small hydropower plants that will make an important contribution in helping Malaysia achieve its renewable-energy capacity ambitions.
Its leadership includes Nor Masliza Sulaiman, regional head of investment banking, and deputy chief executive.
In total, the plants (Serasa, Kemubui and Kuala Geris) in Dabong and Kuala Krai in the state of Kelantan, will generate 84 megawatts of power, helping the country towards its ambition to increase renewable-energy composition to 70% of total generation capacity by 2050.
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