Merchang, Jasin and Gurun Solar Farms

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The project entails the construction and operation of three solar PV power plants totaling 197 MW located in Merchang in the north-east, Jasin in the south and Gurun in the north-west of Peninsular Malaysia. The three power plants cover more than 180 acres each. In December 2016, Scatec Solar entered the Malaysian large-scale solar energy market by joining forces with a local ITRAMAS-led consortium (including also MalTechPro and Cam Lite) that had signed three 21-year Power Purchase Agreements (PPAs) with the country's largest electricity utility, Tenaga Nasional Berhad (TNB). The respective ownership share of Scatec is 49% through preference shares convertible in equity. The Itramas consortium holds the remaining 51%. Financing for the plants has been raised through a successful issuance of the world's largest Green SRI Sukuk (Islamic bond) of MYR 1,000 million in nominal value ($237 million). The remaining funding is covered with sponsors' contributions (total of $56 million). The total investment in the three plants is estimated at about MYR 1,235 million ($293 million). Hence, for a debt to equity ratio of 81:19. Scatec Solar will be the turn-key EPC provider for the projects and provide Operation & Maintenance as well as Asset Management services to the power plants. Construction of the plants has started as of October 2017 and is expected to be completed In Q1 of 2018. http://www.sectorpublishingintelligence.co.uk/news/1814520/scatec+solar+closes+financing+for+197+mw+in+malaysia http://asian-power.com/project/news/scatec-solar-achieves-financial-close-197mw-solar-projects-in-malaysia https://www.photon.info/en/news/scatec-solar-closes-financing-197-mw-malaysia https://www.pv-magazine.com/2017/10/19/gptech-to-supply-197-mw-inverters-to-pv-projects-in-malaysia/ ITRAMAS Corporation to be added to sponsors' list with 51%