Reservoir Link completes 1.5GW solar projects since entry into RE Ringgit slips against greenback despite weak US economic data

KUALA LUMPUR: Reservoir Link Energy Bhd, an energy-related services provider, has completed solar projects, totalling more than 1.5GW since its diversification into the solar renewable energy (RE)segment back in 2021 through the acquisition of Founder Energy Sdn Bhd.

To date, Reservoir Link has completed a total of 1,513MW in solar projects, with 311MW delivered in the financial year ended Dec 31, 2021, followed by the completion of 924MW in the following 18 months in the financial period ended June 30, 2023, and 278MW delivered in the financial year ended June 30, 2024.

The group has since substantially grown its solar project portfolio and has solidified its presence in Malaysia as one of the leading engineering, procurement and construction service providers.

Reservoir Link executive deputy chairman Thien Chiet Chai said, “Our bold venture into the realm of solar energy has been incredibly gratifying given the positive growth trajectory that we have experienced from this segment which even exceeded our initial expectations where it has now become one of our key revenue contributors.”

He added that this milestone of 1.5GW in completed solar projects within such a short timeframe is a testament to the unwavering dedication and expertise of their team which has solidified their position as a leader in the burgeoning renewable energy space.

However, he said they believe that this is just the beginning of their journey given the imminent listing of Founder Energy Sdn Bhd on the Nasdaq stock exchange, scheduled to be completed this year.

THE ringgit ended lower against the US dollar yesterday despite weaker US economic data last night, which showed its manufacturing sector contracting for a third straight month, said an analyst.

At 6pm, the ringgit traded at 4.7200/7225 against the greenback, compared with Monday’s close of 4.7120/7155.

The Institute for Supply Management’s (ISM) Purchasing Managers’ Index (PMI) for the US slipped to 48.5 points in June from 48.7 points in May, the third consecutive month below the 50-point demarcation line.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said ISM attributed that demand in the US had remained subdued as companies were unwilling to invest in capital and inventory owing to the restrictive monetary policy adopted by the US Federal Reserve.

Meanwhile, the ringgit was higher against a basket of major currencies.

The local currency appreciated against the Japanese yen to 2.9195/9213 from 2.9254/9278 at Monday’s close, rose vis-a-vis the British pound to 5.9628/9659 from 5.9706/9750 and firmed versus the euro to 5.0556/0583 from 5.0682/0720.

The ringgit was also stronger against its Asean peers.

The local note was marginally higher against the Singapore dollar to 3.4737/4757 from 3.4772/4801 at yesterday’s close and rose to 12.8021/8141 against the Thai baht from 12.8329/8481 previously.

It also strengthened against the Philippine peso to 8.02/8.03 from 8.03/8.04 at Monday’s close and climbed versus the Indonesian rupiah to 287.8/288.1 from 288.7/289.0. – Bernama