NCAP Secures Full Subscription for NECSA-I Renewable Energy Investment Note
KUALA LUMPUR — Neucu Capital Partners (M) Sdn Bhd (NCAP) has successfully secured full subscription for the inaugural Renewable Energy Investment Note issued by NEC Suria Asset I Sdn Bhd (NECSA-I), a dedicated infrastructure vehicle under Nexgram Holdings Berhad.
The strong take-up highlights growing investor appetite for structured, asset-backed energy infrastructure investments that offer stable income streams and long-term capital resilience.
The Investment Note, offered in both conventional and Shariah-compliant formats, will fund the rollout of integrated solar photovoltaic (PV) and energy storage system (ESS) infrastructure under Malaysia’s Self-Consumption (SELCO) framework.
Proceeds will be channelled into NEC Energy Systems, which provides 24/7 energy solutions to commercial and industrial users—including factories, logistics hubs and data centres—through long-term Energy-as-a-Service (EaaS) agreements.
These agreements are designed to generate predictable and recurring revenue while enabling clients to reduce costs and improve energy efficiency.
NEC Energy Systems combines Tier-1 solar PV technology with advanced battery storage and intelligent energy management software, optimising energy usage, reducing reliance on the grid, and maximising system output.
This integrated approach supports the consistent cash flows underpinning the Investment Note.
The note offers a target annual return of 12 per cent, with quarterly distributions over a 36-month tenure. It is structured with asset-backed security supported by project assets and corporate backing, providing clear cash flow visibility and disciplined capital deployment. The offering is aimed at sophisticated investors, including family offices and institutional funds seeking stable, infrastructure-backed yields.
Malaysia’s renewable energy sector continues to gain traction as the country advances towards a lower-carbon economy. Demand is being driven by industrial sectors such as manufacturing, logistics and digital infrastructure, alongside increasing volatility in conventional energy prices and the need for more resilient, decentralised power systems.
NCAP Chief Executive Officer Asmi Haron said capital is increasingly shifting towards infrastructure assets that combine yield certainty with long-term strategic value.
“Renewable energy is rapidly emerging as one of the most compelling asset classes for long-term capital deployment. Modern energy systems have evolved beyond traditional utilities into programmable, revenue-generating platforms.
The successful closing of the NECSA-I issuance demonstrates how disciplined structuring and clear cash flow visibility can attract private capital into scalable infrastructure opportunities while accelerating Malaysia’s energy transition,” he said.
Meanwhile, Nexgram Executive Director Henry Cheang said the full subscription reflects strong market confidence in the structure and approach adopted by NECSA-I.
“As a listed company, governance and transparency are fundamental to our operations. The asset-backed approach provides investors with clarity on how their capital is deployed. Renewable energy aligns naturally with Nexgram’s focus on technology and intelligent infrastructure, and this outcome confirms market confidence in that direction,” he said.
Looking ahead, the NECSA platform is targeting deployment of up to RM500 million in renewable energy infrastructure assets over the next 12 months, focusing on high-demand commercial and industrial segments.
Following the successful inaugural issuance, NCAP is preparing additional tranches to meet rising investor demand as part of a broader pipeline of renewable infrastructure financing initiatives.
As demand for clean and cost-efficient energy solutions grows, structured capital platforms such as NECSA are expected to play an increasingly significant role in mobilising private investment into Malaysia’s renewable energy ecosystem.