Reservoir Link bags RM17m contract to build a 25MWac solar plant in Perak

KUALA LUMPUR (Sept 12): Energy related services provider Reservoir Link Energy Bhd's 51%-owned subsidiary Founder Energy Sdn Bhd (FESB) has bagged a RM16.7 million contract to undertake a turnkey construction and commission of a 25MWac large-scale solar photovoltaic plant in Manjung, Perak.

In a bourse filing, Reservoir Link said FESB had on Sept 6 received a letter of award from Savelite Engineering Sdn Bhd for the proposed project.

It added that FESB is required to provide a performance bond for the project for 10% of the contract sum to Savelite Engineering.

"The contract is expected to contribute positively to the group's earnings for the financial year ending Dec 31, 2022 (FY22) and 2023 (FY23)," Reservoir Link said.

In a separate statement, Reservoir Link executive director Thien Chiet Chai said the latest contract is the group's second turnkey contract win this year for its renewable segment, after having secured one from Atlantic Blue Sdn Bhd last month.

"The continuous wins are testament to our exceptional services and strong track records, which we have been known for as the largest player in engineering, procurement and construction for solar photovoltaic projects in Malaysia. Benching on our strengths and given our belief in the ramp up of renewable energy projects, we expect more projects to be awarded in the coming months, with the progression of large-scale solar projects well underway,” he said.

At noon break on Monday (Sept 12), Reservoir Link’s share price closed up 1.47% or half a sen at 34.5 sen, bringing it a market capitalisation of RM100.2 million.