NEC Suria Asset (NECSA) – Malaysia
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Part of NEC PowerFreedom Program (2025–2035)
Chapter: Malaysia
Capacity: 2 GW
Product: NES Solar Energy System (NES + Solar + ESS)
Program Value: RM10 billion, RM500 million per tranche
Infomemo: necsacredit.com
Executive Summary
NEC Suria Asset Program (the “Company” or “NECSA”) is a special-purpose vehicle (SPV) established to develop, own, and operate a portfolio of industrial solar photovoltaic (PV) plants integrated with energy storage systems (ESS). The Company’s business model centers on installing AI-Driven NEC Energy System (NES) empowered solar PV systems with ESS integrated providing 24/7 365 energy solution on industrial properties and leasing the generated electricity as a service (energy as a service or “EaaS”) to the property tenants via long-term Power Purchase Agreements (PPAs) under Malaysia’s Self-Consumption (SELCO) program.
This allows the off-takers (tenants) to enjoy immediate electricity cost savings with zero upfront capital, while the Company earns stable, recurring revenue over the contract term. The investment proposition is uniquely low-risk and asset-backed, featuring dual collateral – solar equipment assets and corporate guarantees from property owners – that provide roughly 200% asset coverage for investor capital. A conservative financial structure underpins the venture, including a fully funded Debt Service Reserve Account (DSRA) covering debt obligations, which (together with operating cash flows) ensures robust debt servicing. Importantly, investors are also offered an upside option: in the event the SPV is publicly listed or acquired, the debt may be convertible into equity, allowing participation in the project’s long-term value appreciation.
The funding round will be conducted through a regulated peer-to-peer (P2P) financing platform targeting high-net-worth and institutional investors.
Active Program
Issuer: NEC Suria Asset I Sdn Bhd (“NECSA-I”)
Tranche Size: RM500,000,000
Per Phase: RM50,000,000
Tenure: 3 & 5 years
Rate: 8% – 12%
Security: Principle protection, 200% asset-backed
Upside: Convertible, IRR 12-15%, 18 years PPA
Company Overview:
NEC Suria Asset I Sdn Bhd
NEC Suria Asset I Sdn Bhd (NSCSA-I) is a private limited company incorporated in Malaysia, designated as the holding entity for a portfolio of solar PV and energy storage assets. The Company is duly registered and licensed for renewable energy activities – including the operation of generation facilities that produce electric energy – aligning with its role as the project owner/operator. It has been established as an SPV to isolate project-specific risks and cash flows, providing transparency and security to investors and lenders. The SPV structure ensures that all project revenues (from leasing solar power service) and assets (solar PV panels, inverters, storage systems, etc.) are held within NECSA-I, separate from any other business activities. This ring-fencing simplifies monitoring and accounting, and it means investors have direct recourse to the SPV’s assets and contracts if needed.
Click here to learn more about NECSA, or get in touch with us for your energy needs.
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