Pure Play Renewables Firm reNIKOLA Eyes Solar Expansion in Southeast Asia

reNIKOLA Holdings Managing Director Boumhidi Adel

Malaysian renewable energy company reNIKOLA Holdings is planning to raise US$400 Million over the next three years to fund its pipeline of solar projects in Southeast Asia

In an interview with the news agency Reuters, the Kuala Lumpur-based renewable energy company’s Managing Director, Boumhidi Adel, said in August reNIKOLA will be issuing a 390 million ringgit Islamic bond or sukuk, which will be certified as climate bonds.

The company’s goal is to expand its renewable projects to 1 gigawatt-peak (GWp) over the next three years Adel added. The firm currently has 178 megawatt-peak (MWp) plants in operation and while their focus is primarily on Malaysia, they are also exploring projects in ASEAN and South Asia, Adel said.

Apart from solar, reNIKOLA will also be interested in exploring opportunities in other forms of renewable energy such as biogas and green hydrogen.

The Malaysian firm, which is 45%-owned by Thailand’s B.Grimm Power, is also planning a reverse takeover of a Malaysian shell company, Pimpinan Ehsan, by the first quarter of 2024, a move Adel said that aims to raise additional equity for the company’s renewable projects.