As per the media reports, next year the first tranche of a 10 billion ringgit ($2.84 billion) bonds programme will be issued by the Malaysian consortium, which is building a submarine transmission line in Sarawak in Borneo.

Che Khalib Mohamad Noh, chief executive officer of Tenaga National, Malaysia's biggest power producer and consortium member, said: "I can confirm that Tenaga and the consortium members will raise about 10 billion ringgit."

The lead arranger of the bond issue is the top deal maker CIMB.

Under the cable project, a 730-kilometre high-voltage direct current (HVDC) transmission line would be laid, along with a 670-km undersea cable for the 2,400-megawatt Bakun hydroelectric dam.

During the month of April, Che Khalib had said that financing for the project will be spread out because the dam will be built over seven years.

Sarawak Energy Bhd and Malaysia's Ministry of Finance are other members of the consortium.