MARC RATINGS UPGRADES SINAR KAMIRI'S SUKUK RATING

MARC Ratings has upgraded Sinar Kamiri Sdn Bhd's outstanding RM155.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah to AAIS from AA-IS and revised the outlook to stable from positive.

The rating upgrade reflects Sinar Kamiri's consistently strong operating performance and financial metrics that have exceeded expectations. The plant has maintained a high average availability factor of 99.2%, with favourable irradiance supporting energy output largely above P90 levels. This has underpinned stable cash flows, stronger credit metrics, and continued debt reduction.

Sinar Kamiri, an indirect wholly-owned subsidiary of Mudajaya Group Berhad, owns a 49.0MWac solar plant in Sungai Siput, Perak, which has been operational since 27 November 2018. The rating is underpinned by its stable revenue profile, supported by a 21-year power purchase agreement with Tenaga Nasional Berhad (AAA/Stable) that guarantees offtake of up to 85,004MWh annually at a fixed tariff of RM0.408/kWh until 2039, providing strong, long-term revenue visibility.

Energy generation exceeded the P90 assumption by 8.5% in 2025, raising revenue to RM34.8 million (7.4% above projections). Liquidity was strong, supported by RM30.9 million of operating cash flow and RM39.1 million in cash as at end-2025. Finance service cover ratio improved to 2.92x (initial projection: 2.04x), with revised projections indicating an average of 3.16x and a minimum of 2.72x in 2026. Cash flows are resilient under stressed scenarios, including P99 generation, a 2.4% outage rate and a 10% increase in operating costs.

Contacts:
Fatin Sadiqah, +603-2717 2934/ [email protected]
Amirul Rahul, +603-2717 2905/ [email protected]
Sharidan Salleh, +603-2717 2954/ [email protected]

30 April 2026

[This announcement is available on MARC's corporate website at www.marc.com.my]

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