Reservoir Link Inks Term Sheet For Joint Venture With Sunseap EnergyTo co-develop, build, own and operate at least 20MWp worth of Solar PPAs
Kuala Lumpur, 28 April 2022
Reservoir Link Energy Bhd (“Reservoir Link” or “Group”), an energy related services provider, announced today that its subsidiary Reservoir Link Renewable Sdn Bhd will be collaborating with Sunseap Energy (Malaysia) Sdn Bhd (“Sunseap”) to ink a term sheet for joint venture (“JV”), with an initial paid-up share capital of RM1 million.
The JV will co-develop, build, own and operate rooftop and ground mounted solar PV projects ("Solar PPAs") in Malaysia. Both parties will also use its best efforts to deliver approximately 20MWp worth of Solar PPAs to the JV by the end of 2023. Reservoir Link will hold a majority share capital of 51% while Sunseap will hold the remaining 49%.
Reservoir Link Executive Director Thien Chiet Chai said, “We are very pleased with this collaboration which is strategically in line with our goals of decarbonisation and accelerating our plans in generating more clean energy. We are proud to have Sunseap onboard as our strategic partner who is a leader in the renewable energy segment across Asia. This will allow us to complement each other in the solar renewable space in Malaysia given their vast experience in solar energy. Our solar renewable energy segment has experienced continuous success since our maiden venture. We view this segment favourably and expect that it will continue to prosper given the eventual commencement of construction of the large scale solar 4 project and future large scale solar projects. This is also further supported by the government with the launch of the Net Energy Metering Scheme. This will provide us the ability to expand our pipelines and grow our solar farms portfolio, strengthening our presence as an energy company.”
Sunseap Business CEO and Co-Founder, Frank Phuan said, “We are glad to announce our partnership with Reservoir Link as we position towards the demand for clean energy in Malaysia. We noticed the immense potential of the Malaysian market following the local government’s initiatives to encourage the adoption of solar energy through large scale solar projects along with the Net Energy Metering Scheme which received overwhelming response.
"This is in line with Malaysia’s aim of renewable energy capacity of 31% in 2025. We believe our entrance into the market is well timed along with Reservoir Link’s expertise in the solar renewable energy industry. Our strategic alliance will forge a strong synergy to build and operate these rooftop and ground mounted solar PV projects."
About Reservoir Link Energy Bhd (“Reservoir Link”)
Reservoir Link was incorporated in Malaysia under the Companies Act 1965 on 2 December 2014 as a public company under its present name and deemed registered under the Companies Act 2016.
Reservoir Link is an investment holding company whereas its subsidiaries are primarily involved in the provision of oil and gas well related services, which include well perforation, leak repair, testing, wash and cement as well as wireline. Reservoir Link is also involved in providing improved oil recovery services, laboratory studies & expert interpretative services on flow assurance & formation damage and provision of sand management solutions.
More recently, Reservoir Link added to its list of services in the provision and implementation of solar photovoltaic projects for residential, commercial, and industrial properties, large scale solar photovoltaic plants which include supply and installation of solar mounting system and other engineering works involving civil, structural, mechanical and electrical engineering works.
For more information on Reservoir Link, please log on to https://reservoirlink.com/
About Sunseap Group ("Sunseap")
Sunseap Group is a solar energy system developer, owner, and operator in Singapore, with a pipeline of close to 10 GWac of solar energy projects across Asia. Its solar energy systems can be found on more than 3,000 buildings in Singapore, including public housing estates, as well as commercial and industrial buildings.
Sunseap also operates in various territories across the Asia Pacific, including Vietnam, Cambodia, China, Taiwan, Japan, Thailand and Malaysia. Sunseap is part of EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and one of the world's largest renewable energy producers.
For more information on Sunseap, please log on to https://www.sunseap.com/
For more information, please contact:
Tel: +60 17-980 4293
Tel: +60 10-369 3163
Sunseap Group Pte Ltd
Catherine Ong Associates
Tel: +65 9697 0007