KUALA LUMPUR: The inaugural Renewable Energy Investment Note issued by NEC Suria Asset I Sdn Bhd (NECSA-I) has been fully subscribed, signalling rising investor interest in structured, asset-backed renewable energy investments in Malaysia.
The issuance was facilitated by Neucu Capital Partners (M) Sdn Bhd (NCAP).
NECSA-I is a dedicated infrastructure special purpose vehicle under Nexgram Holdings Berhad.
The investment note is offered in both conventional and Shariah-compliant formats, with proceeds to be channelled into the deployment of integrated solar photovoltaic (PV) and energy storage system (ESS) infrastructure under Malaysia’s Self-Consumption (SELCO) framework.
The projects will be undertaken via NEC Energy Systems, which provides continuous power supply solutions to commercial and industrial users, including factories, logistics hubs and data centres, through long-term Energy-as-a-Service (EaaS) agreements.
These agreements are structured to generate contracted and recurring revenue streams with the integration of Tier-1 solar PV technology; battery storage and energy management software is intended to optimise energy consumption, reduce reliance on the national grid and stabilise output across sites.
The investment note carries a target profit rate of 12 per cent per annum, with quarterly distributions over a 36-month tenure. It is backed by underlying project assets and supported by corporate guarantees, with ring-fenced project structures aimed at providing visibility over cashflows and disciplined capital deployment.
The offering is positioned towards sophisticated investors, including institutional funds and family offices seeking yield-generating infrastructure exposure.
Chief executive officer of NCAP Asmi Haron said the full subscription reflects a broader shift in capital allocation towards infrastructure assets that offer predictable returns.
“Renewable energy is rapidly emerging as one of the most compelling asset classes for long-term capital deployment. Modern energy systems have evolved well beyond traditional utilities into programmable, revenue-generating platforms. At NCAP, we focus on structuring capital solutions that unlock scalable infrastructure development.
“The successful closing of the NECSA-I issuance demonstrates how disciplined structuring and clear cashflow visibility can attract private capital into scalable infrastructure opportunities while accelerating Malaysia’s energy transition,” he said.
Meanwhile, Nexgram executive director Henry Cheang said the take-up showcases investor confidence in the transparency and governance of the asset-backed structure.
“As a listed company, governance and transparency are foundational to everything we do. The asset-backed approach here gives investors real clarity on how their capital works, and that matters.
“Renewable energy fits naturally into where Nexgram is headed. We have always built around technology and intelligent infrastructure, and clean energy is a logical part of that story. This outcome tells us the market sees it the same way,” he said.
As Malaysia’s renewable energy sector continues to expand, it is supported by national targets to reduce carbon intensity and growing demand from industrial sectors facing rising energy costs and the need for more reliable power supply.
The increasing adoption of decentralised energy systems, particularly among manufacturing and logistics operators, has further driven demand for solutions such as solar PV paired with storage, which can offer greater cost efficiency and energy resilience.
NCAP said the broader NECSA platform is targeting the deployment of up to RM500 million in renewable energy infrastructure assets over the next 12 months, focusing on high-demand commercial and industrial segments with consistent energy consumption profiles.
Following the inaugural issuance, the firm is preparing additional tranches to meet anticipated investor demand, as structured financing platforms play a larger role in mobilising private capital into Malaysia’s renewable energy ecosystem.
