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.