Tenaga Nasional will raise $1.7 billion through a sale of bonds, Reuters reports. The Malaysian national power producer intends to issue the 20-year Islamic bonds in August or September this year.

The company plans to use the proceeds to finance a coal-fired power plant in Janamanjung in the northern state of Perak. The securities will be structured according to the ijara or Islamic leasing contract. Tenaga has appointed three investment banks as underwriters, adds Bloomberg.

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