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Reservoir Link Energy Bhd (RLEB) announces that Founder Energy Sdn. Bhd. (FESB), a 51% owned subsidiary of RLEB received a letter of award from Atlantic Blue Sdn. Bhd. for turnkey construction and commission of a large-scale solar photovoltaic plant of 13MWac at Lot 1223, Mukim Api-Api, Daerah Kuala Selangor, Selangor Darul Ehsan for RM10.2 million.
The scope of work for the LOA shall include but is not limited to the provision of all necessary Preliminaries, Construction, and Installation, Testing and Commissioning of the Earthwork, Road & Drainage, Fencing, Infrastructural, Civil, and Structural Works, DC Mechanical and Electrical Works, LVAC Mechanical and Electrical Works, MVAC Mechanical and Electrical Works, SPP Works, SPP Interconnector, SPP Interconnection Facilities, TNB Interconnection Facilities, and Procurement of all Materials, Consumables and miscellaneous items.
FESB will immediately commence the limited portions of the Works as to be specified in the Limited Notice to Proceed issued by Atlantic Blue. Subsequently, FESB will immediately commence the full scope of Works after receiving Notice to Proceed from Atlantic Blue and to achieve the Completion Date on 31 December 2022.
FESB is required to provide a performance bond for the Project for 10% of the Contract sum to Atlantic Blue.
The Contract will not have any effect on the share capital and shareholding structure of the Company and there will not be any immediate effect on net assets per share and gearing of the Company. However, the Contract is expected to contribute positively to the earnings of the
Company and its subsidiaries for the financial year ending 31 December 2022.
Atlantic Blue is a wholly owned subsidiary of Solarvest Holdings Berhad, which is listed on the Main Market of Bursa Malaysia Securities Berhad. Atlantic Blue was incorporated on 26 March 2005 and provides engineering, procurement, construction and commissioning (EPCC) services for solar photovoltaic systems and investment in solar PV plants.