Bank Islam Malaysia Berhad (Bank Islam) has signed an RM91.5 million financing agreement with Sand Town Solar Sdn Bhd (STS), a subsidiary of Kumpulan Gading Kencana Sdn Bhd (GKSB) to support STS’s 29.99 MW solar photovoltaic (PV) farm project in Bidor, Perak, Malaysia. The project will generate electricity for Tenaga Nasional Bhd (TNB) as per the New Enhanced Dispatch Arrangement (NEDA) mechanism.
The funding will cover capital expenses for the solar PV farm which will include land refinancing and development costs. The companies aim to achieve the country’s goal of net zero emissions by 2050.