News

Sarawak Energy secures Malaysian utility sector's first sustainability-linked loan

Sarawak Energy Berhad

KUALA LUMPUR, Oct 22 -- Sarawak Energy Bhd has secured a RM100 million sustainability-linked loan (SLL) in the form of a revolving credit facility from CIMB Bank Bhd, making it the first East Malaysian company and the first utility company in the country to secure a loan linked to measurable sustainability performance targets (SPTs).

The announcement was made via a virtual SLL acceptance ceremony during a Fireside Chat session with Sarawak Energy, in conjunction with CIMB’s The Cooler Earth Sustainability Summit 2020.

 Sarawak Energy chairman Datuk Amar Abdul Hamed Sepawi said through a more strategic approach to sustainability, it is creating value for all its stakeholders by managing long-term risks and opportunities.

“This sustainability-linked loan validates our efforts in sustainability -- not only is it good for the environment, it is also good for business,” he said in a statement today.

The SLL is based upon SPTs aimed at improving the environmental and social performance of Sarawak Energy from financial year 2020 (FY20) to FY23, and serves as a reminder for Sarawak Energy to keep its grid emission intensity in alignment with the Paris Agreement and the renewable energy developer’s pledge to ‘Business Ambition for 1.5°Celsius’.

It also keeps Sarawak Energy on track in its goal to fully electrify Sarawak by 2025, the statement said.

CIMB will grant a rebate against the loan interest if these pre-agreed SPTs are met, said the bank.

“Sarawak Energy intends to use the interest rebates received from CIMB for its youth education sustainability programmes as a way of giving back to the community,” it said.

-- BERNAMA

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