Tenaga Nasional inked a deal today to raise RM1.5 billion in the local market in a bid to cut its foreign debt.

The national power giant has turned to the domestic private debt security market in the last few years for funding needs and has managed to cut its foreign debt exposure from 64 percent in financial year 1998 to the current 52 percent, said chairperson Jamaludin Jarjis.

"It is Tenaga's desire to further reduce our foreign currency debt level to approximately 20 percent in the medium term," Jarjis told reporters.