Reservoir Link Energy Bhd will be collaborating with Sunseap Energy (Malaysia) Sdn Bhd to ink a term sheet for a joint venture, 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 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, “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 farm’s portfolio, strengthening our presence as an energy company.”
Sunseap Business CEO and Co-Founder, Frank Phuan commented, “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 an 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 rooftops and ground mounted solar PV projects.”
- SSEM is a wholly-owned subsidiary of Sunseap Leasing Pte Ltd and is mainly involved in solar energy system development, and operates in Singapore, with a pipeline of close to 10 GWac of solar energy projects across Asia.