Neucu Capital Partners (M) Sdn Bhd, or NCAP, facilitated the full subscription of the inaugural Renewable Energy Investment Note issued by NEC Suria Asset I Sdn Bhd, known as NECSA-I. NECSA-I is described as an infrastructure special purpose vehicle under Nexgram Holdings Bhd.
The investment note is structured in both conventional and Shariah-compliant formats. Its proceeds are intended to finance integrated solar photovoltaic and energy storage system infrastructure for commercial and industrial users under Malaysia’s Self-Consumption, or SELCO, framework.
The article states that proceeds will be channelled into NEC Energy Systems, which provides 24/7 energy supply for factories, logistics hubs and data centres through long-term Energy-as-a-Service agreements. The structure is positioned around contracted recurring revenue, energy cost savings and efficiency gains for end-users.
The note carries a target profit rate of 12% per annum, with quarterly distributions over a 36-month tenure. It is also described as asset-backed, supported by project assets and corporate backing, with ring-fenced project arrangements for disciplined capital deployment and cash-flow visibility.
NCAP CEO Asmi Haron said the successful closing shows how structured capital solutions and clear cash-flow visibility can attract private capital into scalable infrastructure opportunities while supporting Malaysia’s energy transition.
Nexgram Holdings Executive Director Henry Cheang said the full subscription affirms market confidence in NECSA-I’s structure. He also highlighted governance, transparency, asset-backed clarity and renewable energy as aligned with Nexgram’s direction in technology and intelligent infrastructure.
The NECSA platform is positioned to deploy up to RM500 million in renewable energy infrastructure assets over the next 12 months, targeting high-demand commercial and industrial segments such as industrial parks, logistics hubs and data centres. NCAP is also preparing subsequent tranches following the successful inaugural issuance.