Reservoir Link Energy Bhd (Reservoir Link), an oil and gas (O&G) well services company, is moving into the solar energy sector. Reservoir Link will acquire 51 per cent stake in Founder Energy Sdn Bhd from Solar Bina Engineering Sdn Bhd in a deal worth RM21.17 million. This is in addition to a profit guarantee of RM13.836 million over the next two years following the conclusion of the acquisition process, equating to an annual profit of RM3.53 million for Reservoir Link’s 51 percent ownership stake in Founder Energy. Founder Energy Sdn Bhd will retain designated assets, equipment, and staff that will be transferred from Solar Bina.
Additionally, Founder Energy will also leverage Reservoir Link’s existing customer base from past projects to tap into the energy market in ASEAN.