Worldwide Holdings Subsidiary PIPP Issues RM2.76 Billion Sukuk, Largest Power Plant Financing
– AD –
Pulau Indah Power Plant Sdn Bhd (PIPP), a subsidiary of Worldwide Holdings Berhad (WHB), has successfully issued RM2.76 billion in Sukuk Wakalah, marking Malaysia’s largest power-sector project financing Sukuk transaction since 201. The issuance falls under a broader Sukuk Wakalah programme with a nominal value of up to RM3.0 billion.
The Sukuk, structured under the Shariah principle of Wakalah Bi Al-istithmar, carries an AA+ rating from MARC. This rating reflects PIPP’s robust credit fundamentals, long-term revenue visibility under its 21-year Power Purchase Agreement (PPA), and the plant’s strategic importance in Malaysia’s energy security. The issuance also represents a landmark brownfield Sukuk refinancing exercise in Peninsular Malaysia, signaling strong investor confidence in the performance and stability of operational energy assets.
The Sukuk transaction was supported by Joint Lead Arrangers Maybank Investment Bank Berhad and RHB Investment Bank Berhad, along with Joint Lead Managers Maybank, RHB, HSBC Amanah Malaysia Berhad, and United Overseas Bank (Malaysia) Berhad. Their participation underscores strong institutional backing from leading players in Malaysia’s debt capital market.
Datin Paduka Norazlina Zakaria, Group Chief Executive Officer of WHB, said, “This issuance demonstrates investor confidence in PIPP’s financial fundamentals and its long-term contribution to national energy reliability. The funds raised will strengthen PIPP’s financial position by refinancing existing bridge financing, supporting operational commitments, pre-funding reserves, and sustaining corporate and working capital requirements.”
PIPP’s 1,200 MW combined cycle gas turbine (CCGT) facility achieved Commercial Operation Date in March 2025 and was inaugurated by Malaysia’s Deputy Prime Minister, who also serves as Minister of Energy Transition and Water Transformation (PETRA), with the Selangor Chief Minister in attendance. The plant, powered by GE Vernova’s state-of-the-art 9HA.01 turbine, is hydrogen-ready, capable of up to 50:50 hydrogen-natural gas co-firing, positioning PIPP among Malaysia’s most efficient and future-ready power plants.
