|RAM Ratings has reaffirmed the AA1 rating of Segari Energy Ventures Sdn Bhd's (SEV or the Company) RM930 million Sukuk Ijarah (Sukuk), with a stable outlook. SEV is an independent power producer (IPP) established to develop and own the Lumut Power Project, which consists of a 1,303-MW combined-cycle, gas-turbine power plant in Lumut, Perak.
The rating remains supported by the IPP's strong business profile. In FY Dec 2010, SEV performed within the operating parameters of its Power Purchase Agreement. It had also fully passed through all fuel costs to its sole off-taker, Tenaga Nasional Berhad. Similar to all other IPPs, however, the rating remains moderated by regulatory and single-project risks. (Press Release)