MARC Ratings Berhad congratulates Pulau Indah Power Plant Sdn Bhd (PIPP), a subsidiary of Worldwide Holdings Berhad, on being named Power Deal of the Year (Malaysia) at The Asset Triple A Sustainable Infrastructure Awards 2026 (ASEAN Deal Awards).
The award recognises PIPP's Sukuk Wakalah transaction, which The Asset described as the largest power plant financing transaction in Malaysia since 2018. The transaction supports the country's transition towards a lower-carbon energy mix by refinancing the outstanding syndicated bridge financing that had partially funded the construction of the 1,200MW combined-cycle gas turbine power plant in Pulau Indah, Selangor. The power plant commenced commercial operations on 1 March 2025 and is underpinned by a 21-year power purchase agreement with Tenaga Nasional Berhad, which remains in effect until February 2046.
MARC Ratings assigned an AA+IS rating with a stable outlook to PIPP's Sukuk Wakalah Programme in November 2025, reflecting the project's strong contractual framework and resilient cash flow profile.
Arshad Mohamed Ismail, Chief Executive Officer of MARC Ratings Berhad, said the recognition underscores the importance of strong credit fundamentals and sound transaction structuring in supporting strategic infrastructure financing.
“We are delighted to see PIPP's Sukuk Wakalah transaction recognised as the Power Deal of the Year (Malaysia). The award reflects the strength of a well-structured financing transaction supporting one of Malaysia's most significant power infrastructure projects and the country's transition towards a lower-carbon energy mix,” he said.
"Our AA+IS rating reflected PIPP's resilient cash flow profile and robust contractual framework. This regional recognition also highlights the depth of Malaysia's Islamic capital market and its ability to mobilise long-term capital for strategic infrastructure through high-quality financing solutions."
PIPP is 75%-owned by Worldwide Holdings Berhad, a wholly-owned subsidiary of Perbadanan Kemajuan Negeri Selangor (PKNS), and 25%-owned by Korea Electric Power Corporation (KEPCO). The Sukuk Wakalah transaction was arranged by Maybank Investment Bank Berhad and RHB Investment Bank Berhad as Joint Lead Arrangers, together with HSBC Amanah Malaysia Berhad and UOB Malaysia.
Datin Paduka Norazlina Zakaria, Group Chief Executive Officer of Worldwide Holdings Berhad, said the award reflects the collaboration among the project sponsors, financing institutions, and advisers in delivering a landmark infrastructure financing transaction.
"This recognition reflects the collective commitment, expertise, and collaboration of our shareholders, financing partners, and advisers in delivering a financing transaction that supports Malaysia's energy security and contributes to the development of resilient, sustainable infrastructure," she remarked.
The award recognises the successful execution of a landmark infrastructure financing transaction that supports Malaysia's evolving energy landscape. It also reinforces the country's position as a leading Islamic finance hub, capable of delivering innovative, large-scale financing solutions for critical infrastructure development.
