Malaysian ‘reNIKOLA’ Plans to Raise $440 Million for Future Renewable Energy Projects

Malaysian renewable energy company reNIKOLA Holdings is planning to raise up to 2 billion ringgit ($438.4 million) to fund its renewable energy projects.

According to the report from Reuters citing information told by the managing director of the Malaysian renewable energy company itself, reNIKOLA plans to raise funds in the course of three years in August for its future pipeline including solar in Southeast Asia.

The raise will be by way of issuing 390 million ringgit Islamic bonds, which will be the first climate bond certified, according to Boumhidi Adel, reNIKOLA’s managing director as reported by Reuters. 

Thailand’s B.Grimm Power Public Company Limited (SET: BGRIM) owns 45% shareholding in reNIKOLA.

Adel added that reNIKOLA is expected to complete a reverse takeover of a Malaysian shell company, Pimpinan Ehsan by the first quarter of 2024.

The managing director also told Reuters that the company is looking to grow its renewable projects under operation and under development to 1 gigawatt-peak (GWp) in the next three years from its existing 178 megawatt peak (MWp) plants in operation now.