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Sarawak Energy to raise RM1.5b in 2012 for projects
by hlk Tue 13 Dec 2011, 19:33
KUALA LUMPUR (Dec 13): Sarawak Energy Bhd plans to raise RM1.50
billion in January 2012 to finance the progress payments of some of its
power plants.
The RM1.5 billion financing plan would also be used to finance the transmission lines under CONSTRUCTION [] and other capital expenditure, Sarawak Energy said at a presentation for its existing and potential investors here on Tuesday.
AmInvestment Bank Bhd, Kenanga Investment Bank Bhd and RHB Investment
Bank Bhd are the joint lead managers/joint bookrunners for this
proposed second issuance under the Sukuk Musyarakah programme. RHB
Investment Bank Bhd is the principal adviser/lead arranger for the Sukuk
Musyarakah programme.
To recap, in June 2011, Sarawak Energy had issued RM3.0 billion of
Islamic debt notes under its RM15.0 billion Sukuk musyarakah programme
in June 2011, which was three times over-subscribed. RAM Rating Services
Bhd has assigned a long-term rating of AA1 for the programme.
“The presentation confirmed that Sarawak Energy is now turning the
State Government’s vision for the Sarawak Corridor for Renewable Energy
(SCORE) into realty,” it said.
Sarawak Energy said its energy intensive customers were investing
billions of ringgit to build their plants at the Samalaju industrial
park.
The company has also reached agreements with SCORE and export
customers for more than 1,700MW of additional demand. The tariff prices
with SCORE’s customers were more than 40% higher than the levels
negotiated in 2009.
Sarawak Energy was contracted to purchase the entire electricity
output of the Bakun Hydroelectric project (Bakun), which had started
dispatching electricity to the Sarawak grid.
Its next major project, the Murum Hydroelectricity plant was more
than 50% complete and is on track to start commercial operations in
2014.
Sarawak Energy, which controls Sarawak state's electricity
transmission and distribution infrastructure, held the session to
provide updates on the status and progress of its main projects and
plans.
Its chief executive officer, Torstein Dale Sjøtveit conducted the
presentation which was attended mainly by representatives from various
financial institutions, asset and fund management companies, insurance
companies and pension funds.
billion in January 2012 to finance the progress payments of some of its
power plants.
The RM1.5 billion financing plan would also be used to finance the transmission lines under CONSTRUCTION [] and other capital expenditure, Sarawak Energy said at a presentation for its existing and potential investors here on Tuesday.
AmInvestment Bank Bhd, Kenanga Investment Bank Bhd and RHB Investment
Bank Bhd are the joint lead managers/joint bookrunners for this
proposed second issuance under the Sukuk Musyarakah programme. RHB
Investment Bank Bhd is the principal adviser/lead arranger for the Sukuk
Musyarakah programme.
To recap, in June 2011, Sarawak Energy had issued RM3.0 billion of
Islamic debt notes under its RM15.0 billion Sukuk musyarakah programme
in June 2011, which was three times over-subscribed. RAM Rating Services
Bhd has assigned a long-term rating of AA1 for the programme.
“The presentation confirmed that Sarawak Energy is now turning the
State Government’s vision for the Sarawak Corridor for Renewable Energy
(SCORE) into realty,” it said.
Sarawak Energy said its energy intensive customers were investing
billions of ringgit to build their plants at the Samalaju industrial
park.
The company has also reached agreements with SCORE and export
customers for more than 1,700MW of additional demand. The tariff prices
with SCORE’s customers were more than 40% higher than the levels
negotiated in 2009.
Sarawak Energy was contracted to purchase the entire electricity
output of the Bakun Hydroelectric project (Bakun), which had started
dispatching electricity to the Sarawak grid.
Its next major project, the Murum Hydroelectricity plant was more
than 50% complete and is on track to start commercial operations in
2014.
Sarawak Energy, which controls Sarawak state's electricity
transmission and distribution infrastructure, held the session to
provide updates on the status and progress of its main projects and
plans.
Its chief executive officer, Torstein Dale Sjøtveit conducted the
presentation which was attended mainly by representatives from various
financial institutions, asset and fund management companies, insurance
companies and pension funds.
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