A Malaysian consortium has completed financing for a 200-megawatt floating solar plant at Chereh Dam, with about RM580 million from three international lenders supporting a project targeted to start operating in 2028.
Masdar said the financing milestone was reached Oct. 27. Chereh Solar Sdn Bhd, the consortium’s project company, is developing the site in Pahang for Masdar, Citaglobal Berhad and TIZA Global Sdn Bhd.
The amount raised is distinct from Masdar’s December 2025 estimate that the project would be worth more than RM850 million (US$208 million). Masdar said the financing structure links lender funding to future project revenues.
A Citaglobal filing with Bursa Malaysia says Chereh Solar signed a power purchase agreement with Malaysia’s national utility, Tenaga Nasional Berhad, in December 2025. The agreement provides for 21 years of electricity sales beginning when commercial operations start.
The reports give different markers for the start of construction. Masdar said an Oct. 29 groundbreaking ceremony marked the start of construction and set operations for 2028. Bernama reported that Citaglobal Group Chief Operating Officer Datuk Aimi Aizal Nasharuddin expected construction to start in January or February 2027 and finish by the end of March 2028. The accounts do not say whether those dates refer to separate phases of work.
Masdar says the project was awarded through Malaysia’s Large Scale Solar Cycle 5+ program after the consortium offered the lowest tariff in the floating-solar category. The company projects the plant’s output will equal electricity demand from about 100,000 homes and estimates around 1,500 jobs during development and construction.
Masdar describes Chereh as its first Malaysian project and the first development under a 10-gigawatt renewable energy roadmap agreed with the Malaysian Investment Development Authority (MIDA) in 2023. The company has cited its 145-megawatt Cirata floating solar project in Indonesia as earlier regional experience.
