ChemOne, a Singapore-based energy and petrochemicals developer, has successfully secured $500 million in financing for its $5 billion Pengerang Energy Complex (PEC) in Malaysia. This substantial investment comes from a consortium of banks and financial institutions across the Middle East.
The financing package is a significant component of the $3.5 billion senior debt needed for the PEC project. It includes contributions from Export Credit Agencies (ECA) and an Islamic Finance Tranche. The Islamic Finance Tranche benefits from support by the Jeddah-based Islamic Development Bank (IsDB), along with its subsidiaries, the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Saudi Arabia’s Al Rajhi Bank is leading the Islamic Finance efforts and coordinating with ICIEC.
The PEC project is poised to enhance Malaysia’s energy and petrochemical infrastructure with a focus on low-carbon solutions, marking a significant step in the region’s sustainability initiatives.
