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27 Nov | Friday
RAM Sustainability assigns highest environmental benefit rating to reNIKOLA ASEAN Green SRI Sukuk
RAM Sustainability Sdn Bhd (RAM Sustainability) has assigned a Tier-1 Environmental Benefit (EB) rating to the reNIKOLA ASEAN Green SRI Sukuk to be issued under reNIKOLA Solar Sdn Bhd’s RM390 mil Islamic MTN Programme. The MTN also carries credit ratings assigned by RAM Ratings. 
 
Issuance proceeds from the reNIKOLA ASEAN Green SRI Sukuk will be primarily used to part finance and/or reimburse the development costs of three solar photovoltaic power plants in Malaysia, with a cumulative installed capacity of 64 MWac. The Tier-1 EB rating recognises the clean renewable energy generated by the solar plants. The plants are anticipated to generate an aggregate average of 123 GWh of energy per year throughout the tenure of the reNIKOLA ASEAN Green SRI Sukuk Programme. RAM Sustainability believes that the reNIKOLA ASEAN Green SRI Sukuk will create a positive impact on the environment while being in line with the United Nations’ Sustainable Development Goal 7: affordable and clean energy.
 
“The rapid increase in the number of green bond/sukuk issuances, including the reNIKOLA ASEAN Green SRI Sukuk, demonstrates the transition of the debt capital market towards sustainable development initiatives,” said RAM Sustainability’s head of sustainability services, Gladys Chua.
 
Our external review of the reNIKOLA ASEAN Green SRI Sukuk Programme Framework (the Framework) concludes that it provides clarity on the utilisation of proceeds, the process for project evaluation and selection, the management of proceeds, and reporting commitments. The Framework is consistent with the eligibility requirements of Securities Commission Malaysia’s Sustainable and Responsible Investment (SRI) Sukuk Framework, the ASEAN Capital Markets Forum’s ASEAN Green Bond Standards and the International Capital Markets Association’s Green Bond Principles.
 
RAM Sustainability is a provider of sustainability services and Environmental, Social and Governance analytics. Incorporated on 31 May 2000, it is a wholly owned subsidiary of RAM Holdings Berhad. RAM Sustainability is the first ASEAN-based provider of sustainability ratings and second opinions and has the distinction of being the first Registered Observer of the International Capital Market Associations’ Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines in ASEAN. On 12 August 2020, we became an Approved Verifier for the certification of climate bonds under the Climate Bonds Standard & Certification Scheme after having been awarded the status by the Climate Bonds Standards Board. For further details, please refer to https://www.ram.com.my/sustainability.
 
 
Analytical contact
Syafi Sani
(603) 3385 2549
syafi@ram.com.my
 
Media contact 
Padthma Subbiah 
(603) 3385 2577 
padthma@ram.com.my
 
Date of release: 27 November 2020 
 
The second opinion is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for an investor, nor does it involve any audit by RAM Sustainability. 
 
Published by RAM Sustainability Sdn Bhd 
© Copyright 2020 by RAM Sustainability Sdn Bhd
source: RAM Sustainability
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