As reported by David Twomey of Econews Australia, the venture will launch a seven-year $100 million sukuk, or Islamic bond, later this year. That amount will be enough to finance the first, 50 MW stage of the project.
To complete the entire project, the partners will need to raise at least an additional $450 million, an effort that will also be carried out using Islamic finance principles.
Twomey reported the initial sukuk will be domiciled in Labuan, Malaysia’s offshore financial centre, and was expected to be placed almost entirely with Malaysian investors.
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