KUALA LUMPUR (April 24): Eden Inc Bhd (KL:EDEN) said its 29.99MW solar plant project in Kuantan, Pahang has achieved financial close, with facilities secured from Bank Islam Malaysia Bhd (KL:BIMB).
Its unit, DC Solar One Sdn Bhd, obtained financing facilities from Bank Islam of up to RM116 million, the aquarium and catering operator-turned-power generation firm said in a bourse filing on Friday. Facilities comprise Business Financing-i (term financing) and Bank Guarantee-i.
“The facilities will be utilised as debt financing to fund the development costs of the project and for the issuance of guarantees including tender, performance and advance payment bonds to Tenaga Nasional Bhd (KL:TENAGA) and relevant authorities in relation to the project,” the company said.
“The facilities support the project and the achievement of financial close marks a key milestone for the project, enabling DC Solar One to proceed in accordance with the planned development timeline,” it added.
Eden Inc secured the solar project from the Energy Commission in January last year under the Large Scale Solar 5 (LSS5) programme.
The plant, located in Gebeng, Kuantan, will operate under a 21-year solar power purchase agreement with TNB.
Its scheduled commercial operation date is set for no later than July 28, 2027.
Shares in Eden Inc ended unchanged at 16 sen on Friday, valuing the company at RM80.86 million.