tenure, with profit rates of 4.7%, 4.8%, 5.2%, 5.4% and 5.6% per annum respectively. (xii) Sukuk - TNB Power Generation Sdn. Bhd. (‘TPGSB’) On 2 June 2022, TPGSB issued unsecured Sustainability Sukuk Wakalah of RM1.5 billion (1st issuance) under an Islamic Medium Term Notes Programme of up to RM10.0 billion in nominal value (‘Sukuk Wakalah Programme’) which comprised RM150.0 million with 10 years tenure, RM750.0 million with 15 years tenure and RM600.0 million with 20 years tenure, with profit rates of 4.7%, 5.1% and 5.2% per annum respectively. On 29 March 2023, TPGSB issued unsecured Sustainability Sukuk Wakalah of RM2.0 billion (2nd issuance) under the same Sukuk Wakalah Programme which comprised RM200.0 million with 7 years tenure, RM600.0 million with 10 years tenure, RM300.0 million with 15 years tenureand RM900.0 million with 20 years tenure, with profit rates of 4.3%, 4.6%, 4.7% and 4.8% per annum respectively. The proceeds from these issuances of Sustainability Sukuk Wakalah under the Sukuk Wakalah Programme have been and shall be utilised by TPGSB to finance and/or refinance loans obtained to finance the development costs related to the planning, design, engineering, and construction of Nenggiri Hydroelectric Power Plant Project (‘Project Nenggiri’) to be undertaken by TNBPG Hydro Nenggiri Sdn. Bhd. (‘THNSB’), a special purpose vehicle set up to solely undertake Project Nenggiri. The Sustainability Sukuk Wakalah proceeds will be channelled by TPGSB to THNSB through the provision of shareholders’ loans and/or advances and/or through subscription of any equity instruments as may be agreed between the parties. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 275 26 BORROWINGS (CONTINUED) (c) Preferred Equity Certificates (‘PEC’) On 22 December 2017, Kumpulan Wang Persaraan (‘KWAP’) had provided a shareholder loan of GBP46.2 million to Vantage Solar Investments S.A.R.L (‘VSI’) through the subscription of PEC. The financial instrument bears a fixed interest rate of 8.0% per