Reservoir Link Energy Bhd awarded 50MWac solar farm project in Kulim, Kedah, Malaysia

Reservoir Link Energy Bhd (RLEB) has announced that its subsidiary, Founder Energy Sdn. Bhd. (FESB), has been awarded a Letter of Award (LOA) by JS Solar Sdn. Bhd. (JSSB) for sub-contracting works related to a 50 MWac Solar Farm in Kulim, Kedah.

Key Details:

Partnership Details: FESB, a wholly owned subsidiary of Founder Group Limited and 51% owned by RLEB received the LOA from JSSB on 12 April 2024.
Scope of Work: The sub-contract entails engineering, procurement, construction, and commissioning (EPCC) services for the solar farm, including the supply of labor, materials, and equipment.
Timeline: The commencement date for the project is 18 March 2024, with a completion date set for 31 March 2025.
Financial Implications: The sub-contract sum amounts to approximately RM22 million and is expected to positively contribute to the earnings of the Group throughout the contract period.
Risk Factors: Potential risks associated with the project include execution risks such as the availability of skilled manpower and equipment, as well as changes in political and economic conditions.
Director’s Statement: The Board of Directors reviewed the LOA and deemed it to be in the best interest of the Company, fair, reasonable, and not detrimental to minority shareholders.

The sub-contract represents a significant milestone for RLEB in its commitment to renewable energy projects and underscores its expertise in undertaking such ventures.