Australian solar consortium plans offshore sukuk

SGI-Mitabu, a venture between The Solar Guys International and Mitabu Australia, is developing a 250 megawatt (MW) solar power project under an agreement with Indonesia’s Ministry of Energy.

The first 50 MW of the project will be financed through the issuance of a seven-year A$100 million ($104 million) sukuk, said Rusydi Mitabu, director of Mitabu Australia.

The entire project would require up to A$550 million in financing, with all funding to be structured using Islamic principles, which follow religious principles such as a ban on interest and gambling.

“Investors like the idea of clean energy and its sustainability features, there is already huge interest from Malaysian investors,” he said.

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Posted February 8, 2013 by repit in News

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