Founder Group Secures Conditional Letter of Award Worth Approximately US$68 Million for a 100MW Solar Farm in Malaysia
KUALA LUMPUR, Malaysia, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Founder Group Limited (NASDAQ:FGL) ("Founder Group" or the "Company"), is proud to announce that it has been awarded a conditional Letter of Award (LOA), valued at approximately US$68 million (around RM299,260,000), for the development of a 100-megawatt solar farm in Tanjung Malim, Malaysia. Spanning 900 acres, the solar farm will serve as a critical energy source, providing 100MW of export capacity to power an advanced AI data center in Enstek City, Malaysia. Founder Group will act as the Engineering, Procurement, and Construction (EPC) partner for this transformative project.
Hexatoff Group Sdn. Bhd. ("Hexatoff Group"), the key collaborator in this project, is a turnkey solutions provider specializing in infrastructure and building construction. The company is registered with the Ministry of Finance Malaysia and holds the nation's highest-grade construction license (G7). This partnership is poised to strengthen Malaysia's position as a leading hub for AI and digital infrastructure in Southeast Asia, furthering the country's aspirations in cutting-edge technology and sustainable development.
Malaysia's solar EPCC services industry is projected to reach approximately US$350 million (about RM1.5 billion) by 2026, with a compound annual growth rate (CAGR) of 23.5%, reflecting the country's strong commitment to renewable energy. This commitment is further emphasized by the launch of Malaysia's National Energy Transition Roadmap (NETR) in August 2023, which aims to enhance the country's renewable energy capacity. The roadmap focuses on solar installations, renewable energy zones, and utility-scale storage systems, as outlined by the Malaysian Investment Development Authority (MIDA). As these government initiatives take shape, they are increasingly driven by corporate sustainability goals in sectors such as data centers and semiconductors, which in turn present significant opportunities for Engineering, Procurement, Construction, and Commissioning (EPCC) firms as Malaysia accelerates its renewable energy development.
"Today marks a significant milestone for Founder Group as we are awarded the conditional Letter of Award for the development of a 100-megawatt solar farm in Tanjung Malim, Malaysia. This project not only reinforces our commitment towards renewable energy initiatives in Malaysia but also aligns with the country's National Energy Transition Roadmap, which aims to scale up renewable energy capacity. Our collaboration with Hexatoff Group, a recognized leader in infrastructure solutions, underscores our dedication to driving innovation and sustainability in the energy sector while contributing to Malaysia's aspirations as a hub for advanced AI and digital infrastructure," said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company's primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company's mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon-neutrality.
For more information on the Company, please visit https://www.founderenergy.com.my/.
About Hexatoff Group Sdn. Bhd.
Hexatoff Group Sdn. Bhd. is a leading turnkey solution provider specializing in the construction of infrastructure and buildings in Malaysia. The company is registered with the Ministry of Finance Malaysia and holds the highest-grade construction license (G7), signifying its capability to undertake large-scale projects.
Founded in 2015, Hexatoff Group combines innovative construction methods with over 20 years of collective industry expertise to deliver excellence and reliability in every project. Its portfolio includes notable developments such as Aster Residence, Salak South Residential Development, and Twinz Condominium, collectively valued at over RM200 million in contract awards.
Committed to innovation, sustainability, and quality, Hexatoff Group continues to leave a transformative impact on Malaysia's urban and industrial landscapes, building a legacy of trust and excellence.
For more information on the Company, please log on to https://hexatoffgroup.com/.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors" in the Company's filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
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