Neucu Capital Partners (M) Sdn Bhd (“NCAP”) has successfully facilitated the full subscription of the inaugural Renewable Energy Investment Note issued by NEC Suria Asset I Sdn Bhd (“NECSA-I”), a dedicated infrastructure special purpose vehicle under Nexgram Holdings Berhad. The full take-up of the first issuance reflects accelerating investor appetite for structured, asset-backed energy infrastructure
exposures that offer predictable income profiles alongside long-term capital resilience.
Structured in both Conventional and Shariah-compliant formats, the Investment Note will finance the deployment of integrated solar photovoltaic (PV) and energy storage system (ESS) infrastructure for commercial and industrial users under Malaysia’s Self-Consumption (SELCO) framework. The proceeds will be channelled into NEC Energy Systems, which delivers reliable 24/7 energy supply across factories, logistics hubs, and data centres through long-term Energy-as-a-Service (EaaS) agreements. These arrangements are structured to generate contracted and recurring revenue streams while enabling end-users to achieve meaningful cost savings and greater energy efficiency.
NEC Energy Systems integrates Tier-1 solar PV technology with advanced battery storage and intelligent energy management software that continuously optimises consumption, reduces grid dependency, and maximises system output across each deployment site. This technology-driven approach underpins the predictability of cash flows that the Investment Note’s structure is designed to capture and distribute.
The Investment Note offers a target profit rate of 12 per cent per annum with quarterly distributions over a 36-month tenure. The structure incorporates asset-backed security supported by project assets and corporate backing, designed to provide visibility of cashflows and disciplined capital deployment through ring-fenced project arrangements. The offering is positioned for sophisticated investors, family offices, and institutional capital seeking stable yield exposure anchored on infrastructure-backed revenue models.
Malaysia’s renewable energy sector continues to gain momentum as the country advances towards a lower-carbon economy, with national targets driving increased adoption of sustainable energy solutions across industrial sectors. This transition is reinforced by structural demand from manufacturing, logistics, and digital infrastructure, coupled with rising volatility in conventional energy pricing and the growing need for decentralised, resilient power systems. As a result, renewable energy infrastructure is increasingly viewed as a core allocation within alternative investment portfolios.
Asmi Haron, Chief Executive Officer of NCAP, said that capital is progressively shifting towards infrastructure assets that combine yield certainty with long-term strategic relevance.
“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.
Henry Cheang, Executive Director of Nexgram Holdings Berhad, said the full subscription affirms market confidence in the underlying structure and approach adopted by NECSA-I.
“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 added.
The NECSA platform is positioned to deploy up to RM500 million in renewable energy infrastructure assets over the next 12 months, focusing on high-demand commercial and industrial segments across industrial parks, logistics hubs, and data centres with strong and predictable energy consumption profiles. Following the successful completion of the inaugural issuance, NCAP is preparing subsequent tranches to meet increasing investor interest, forming part of a broader and scalable pipeline of renewable infrastructure financing initiatives. As industrial demand for clean and cost-efficient energy solutions continues to grow, structured capital platforms such as NECSA are expected to play an increasingly
important role in mobilising private investment into Malaysia’s renewable energy ecosystem.
