Clarmondial, Amanie Advisors, and Cenergi SEA are pleased to announce a partnership to develop the Green Sukuk Programme (GSP) to mobilise new sources of capital to fund the low carbon energy transition in South East Asia, with an initial focus on Malaysia. The Green Sukuk Programme (GSP), is an innovative financial structure developed by Cenergi SEA, Clarmondial and Amanie Advisors, that aims to speed up the development of high-quality, smaller, renewable energy and energy efficiency projects in Malaysia, and eventually South-East Asia.
The partners are also excited to announce a shortlisting by the Green Climate Fund, in a recent call for proposals.
The GSP will create opportunities to engage new types of investors in supporting the transition to a green economy, in particular local and regional institutional investors, private banks, and family offices. The GSP also fills a critical gap for green project developers in the region, in particular emergent project developers focused on new green business models and technologies.
GSP was initiated by Clarmondial, motivated by the need for new partnerships to meet global challenges such as climate change, and to achieve the necessary rapid transition to more sustainable energy systems in key growth areas such as South-East Asia. Kaspar Baumann, of Clarmondial, states that “blended finance structures such as the GSP can help to draw in new types of investors, in particular values-driven and local investors. While relatively unknown in the green investment space, sukuks are a natural fit for financing green projects, in particular emergent business models and technologies where more equity-type participation and transparency are key”.
“We are pleased to be working with Clarmondial and Amanie Advisors, who we approached to help us design and structure an appropriate financing solution to help us expand our funding base, in particular drawing in local investors, and investors that are aligned with our mission and values” says Ernest Navaratnam, Group CEO of Cenergi SEA, a subsidiary of Khazanah Nasional Berhad, a strategic investment fund owned by the Government of Malaysia.
“This innovative partnership will help to further grow the participation of Islamic investors in the green finance sector” states Maya Marissa Malek, CEO of Amanie Advisors. Amanie Advisors is an award-winning Islamic Finance Advisory company that has spearheaded the design of new impact-oriented structures, including the first Sustainable and Responsible sukuk.
Clarmondial, Cenergi SEA and Amanie will continue to develop the GSP and look forward to collaborating with a wide range of partners in this innovative structure.