Reservoir Link Energy Bhd, an energy-related services provider, announced, on April 28, that its subsidiary Reservoir Link Renewable Sdn Bhd will be collaborating with Sunseap Energy (Malaysia) Sdn Bhd to ink a term sheet for joint venture with an initial paid-up share capital of MYR1 million ($228,000).
The JV will co-develop, build, own and operate rooftop and ground mounted solar PV projects in Malaysia. Both parties will also use their best efforts to deliver approximately 20 MWp 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 decarbonization and accelerating our plans in generating more clean energy. We are proud to have Sunseap on board 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 favorably 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.”
