Kuala lumpur: 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), an infrastructure special purpose vehicle under Nexgram Holdings Bhd.
According to BERNAMA News Agency, NCAP reported that the complete take-up of the first issuance underlines the increasing investor interest in structured, asset-backed energy infrastructure exposures, offering predictable income profiles coupled with long-term capital resilience. The investment note is structured in both conventional and shariah-compliant formats to 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 directed towards NEC Energy Systems, which provides reliable 24/7 energy supply across factories, logistics hubs, and data centres through long-term Energy-as-a-Service (EaaS) agreements. NCAP highlighted that these arrangements are designed to generate contracted and recurring revenue streams while enabling end-users to achieve significant cost savings and enhanced energy efficiency.
NEC Energy Systems integrates Tier-1 solar PV technology with advanced battery storage and intelligent energy management software to continuously optimise consumption, reduce grid dependency, and maximise system output across each deployment site. This technology-driven approach underpins the predictability of cash flows that the investment note's structure aims to capture and distribute.
NCAP mentioned that the note offers a target profit rate of 12 per cent per annum with quarterly distributions over a 36-month tenure. It incorporates asset-backed security supported by project assets and corporate backing, designed to provide visibility of cash flows and disciplined capital deployment through ring-fenced project arrangements.
NCAP chief executive officer Asmi Haron commented that capital is progressively shifting towards infrastructure assets that combine yield certainty with long-term strategic relevance. He stated that at NCAP, the focus is on structuring capital solutions that unlock scalable infrastructure development. 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.
Meanwhile, Nexgram Holdings executive director Henry Cheang remarked that the full subscription affirms market confidence in the underlying structure and approach adopted by NECSA-I. He emphasized the importance of governance and transparency as foundational elements in their operations, highlighting that the asset-backed approach provides investors with real clarity on how their capital works. Cheang added that renewable energy fits naturally into Nexgram's strategic direction, and the market's positive response validates this alignment.
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.
Nexgram Holdings, a publicly listed investment holding company based in Kuala Lumpur, operates in various sectors, including telecommunications, digital infrastructure, healthcare, property development, hospitality, automotive, and investment platforms.