Reservoir Link Energy Bhd (RLEB) has taken a significant step towards renewable energy development with the signing of a Shareholders’ Agreement (SA) for a groundbreaking solar photovoltaic project in Kedah, Malaysia. The agreement, inked on 20th March 2024, involves RLEB’s subsidiary, Reservoir Link Renewable Sdn Bhd (RLR), partnering with Sumitomo Corporation (SC), MAQO Engineering Sdn Bhd (MESB), and SRM Utama Selambau Sdn Bhd (SUS).
Under the SA, the primary objective is to develop, implement, own, and operate a 29.99MWac ground-mounted solar photovoltaic project. SUS has been incorporated with an initial capital of RM 1,000,000, and the equity participation of each shareholder is as follows:
RLR: 29%
SC: 49%
MESB: 22%
The agreement is effective immediately and will remain in force until specific events occur, including the dissolution of the company or unanimous agreement among shareholders. Additionally, the share capital may be increased as per the company’s requirements and obligations under the SA.
The board of directors of RLEB has expressed its confidence in the agreement, affirming its alignment with the company’s best interests. The execution of the SA does not require shareholder approval or any regulatory clearance.
This announcement underscores RLEB’s commitment to sustainable energy practices and marks a significant milestone in its journey towards renewable energy adoption.
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