At a glance
- The project company, Chereh Solar Sdn Bhd, has a 21-year power purchase agreement to sell the plant's output to Tenaga Nasional Berhad, signed in December 2025.
- For allocators, Chereh adds a 200MW utility-contracted floating-solar credit in Malaysia to Masdar's transition debt universe.
- The MYR 580 million debt works out to roughly MYR 2.9 million per megawatt of floating solar capacity.
Masdar and its partners reached financial close on the 200MW Chereh Dam floating solar project in Pahang, Malaysia, on Oct. 27, raising about MYR 580 million from three international lenders. Construction has begun.
The project company, Chereh Solar Sdn Bhd, has a 21-year power purchase agreement to sell the plant's output to Tenaga Nasional Berhad, signed in December 2025. The consortium won the project in Malaysia's Large Scale Solar Cycle 5+ tender with the lowest floating-solar tariff bid. The lenders' names, total project cost and equity stakes were not disclosed. The plant is due online in 2028.
For allocators, Chereh adds a 200MW utility-contracted floating-solar credit in Malaysia to Masdar's transition debt universe. Masdar's $600 million blue bond, whose eligible uses include offshore wind and floating solar, is the closest comparison, as Private Wealth Daily previously reported.
The MYR 580 million debt works out to roughly MYR 2.9 million per megawatt of floating solar capacity. That is a debt figure, not total project cost. Because the debt is sized against a 21-year utility offtake and a 2028 start date, lenders carry construction and commissioning risk until the plant is running.
Reported by the Transition Finance desk from ESG News and Private Wealth Daily archive. Published . Corrections