SHAH ALAM, Nov 28 — Pulau Indah Power Plant Sdn Bhd (PIPP), a subsidiary of Worldwide Holdings Berhad (WHB), has successfully issued RM2.76 billion in Sukuk Wakalah under its Sukuk Wakalah Programme of up to RM3.0 billion in nominal value.
This makes it the largest Sukuk project financing transaction in Malaysia’s energy sector since 2018. The Sukuk is structured under the Syariah principle of Wakalah Bi Al-Istithmar.
The programme received an AA+ rating from the Malaysian Rating Corporation Berhad, reflecting PIPP’s strong credit fundamentals, stable long-term revenue visibility under a 21-year Power Purchase Agreement (PPA), and the plant’s critical role in strengthening the nation’s energy security.
The issuance also marks a significant brownfield Sukuk refinancing exercise in Peninsular Malaysia, reinforcing investor confidence in the performance, stability, and strategic importance of this operational energy asset.
As a core component of PIPP’s long-term financing strategy, the Sukuk issuance is supported by Joint Lead Arrangers Maybank Investment Bank Berhad and RHB Investment Bank Berhad, as well as Joint Lead Managers Maybank, RHB, HSBC Amanah Malaysia Berhad, and United Overseas Bank (Malaysia) Berhad (UOB). Their involvement reflects strong participation from leading financial institutions in the nation's debt capital market.
WHB's group chief executive officer Datin Paduka Norazlina Zakaria said the issuance reflects solid investor confidence in PIPP’s financial fundamentals and its long-term contribution to the nation’s energy reliability.
"The proceeds will strengthen PIPP’s financial position by refinancing its existing syndicated facilities, supporting the plant’s operational commitments, undertaking required reserve pre-funding, and meeting PIPP’s corporate and working capital needs," she said in a statement yesterday.
The 1,200 MW combined-cycle gas turbine facility, which achieved its commercial operation date in March this year, was officiated by the Deputy Prime Minister cum Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof and Menteri Besar Dato' Seri Amirudin Shari, signifying the project’s national and state-level importance
Powered by GE Vernova’s latest 9HA.01 turbine with up to 50:50 hydrogen and natural gas co-firing capability, PIPP is among the most efficient and future-ready power plants in Malaysia, aligned with the National Energy Transition Roadmap and Selangor’s green economic agenda.
Its operational reliability is further strengthened by a long-term service agreement with GE and technical support from the Korea Electric Power Corporation, WHB’s project partner in PIPP.
With its advanced turbine technology and long-term PPA structure, the successful Sukuk Wakalah issuance reinforces PIPP’s position as a strategic asset in Malaysia’s evolving energy landscape.
WHB remains committed to delivering future-ready infrastructure that supports national development and Selangor’s green economic aspirations.
