reNIKOLA Holdings, a Malaysian renewable energy company, plans to boost $438 million (2 billion ringgit) over the following three years to support renewable energy projects.
According to Reuters, reNIKOLA managing director Boumhidi Adel said reNIKOLA plans to issue Islamic bonds, or sukuk, value 390 million ringgit in August. He said it might be the primary sukuk to be certified as a carbon bond.
Boumhidi Adel explained that certified climate bonds are financial instruments holding assets and projects contributing to the event of a low-carbon economy. He also mentioned that the corporate, 45%-owned by Thailand’s B.Grimm Power (BGRIM.BK), plans to finish the acquisition of Pimpinan Ehsan (PIMP.KL), a shell company in Malaysia, by the primary quarter of 2024. .
Adel stated that reNIKOLA plans to extend its renewable energy operational and development projects to a peak capability of 1 gigawatt (GWp) over the following 3 years. These projects currently have a combined peak capability of 178 megawatts (MWp).
He stressed that the corporate is principally focused on Malaysia, but can be exploring projects within the ASEAN region and South Asia. In addition to solar energy, reNIKOLA can be concerned about other types of renewable energy, resembling biogas and green hydrogen.
The use of renewable energy is growing rapidly in South and Southeast Asia. Emerging economies within the region are facing serious problems with power outages attributable to unreliable networks. Additionally, increasing climate change is driving demand for air-con and likewise shifting the emphasis on the importance of using environmentally friendly energy sources.
In early May, the Paris-based International Energy Agency predicted that global investment in clean energy will proceed to outpace spending on fossil fuels this 12 months, pointing to an increasingly dominant trend toward renewable energy.
