Founder Group secures $5.5 million in solar project deals – EQ
In Short : Founder Group has successfully secured $5.5 million in solar project deals, marking a significant milestone in its renewable energy expansion. The funds will be used to develop and implement solar projects, contributing to the company’s growing portfolio in the clean energy sector. This deal highlights the increasing investment in solar power as global demand for sustainable energy solutions continues to rise.
In Detail : KUALA LUMPUR – Founder Group Limited (NASDAQ:FGL), a Malaysian solar photovoltaic (PV) engineering and construction firm, has secured several Letters of Award totaling about $5.5 million for large-scale solar projects. The company, specializing in end-to-end engineering, procurement, construction, and commissioning (EPCC) services, announced its new contracts today, marking a significant addition to its portfolio.
The new projects cover a range of responsibilities, including full EPCC services, the supply and installation of DC and AC electrical systems, Instrumentation & Control systems, and civil works. These projects fall under the Corporate Green Power Programme and a utility-scale solar initiative, reflecting Founder Group’s adaptability in meeting the diverse demands of large-scale solar projects.
Malaysia’s solar EPCC services market is expected to reach around $350 million by 2026, growing at a compound annual growth rate of 23.5%, propelled by the nation’s commitment to renewable energy. The Malaysian government aims to increase the renewable energy mix to 20% by 2025, a significant rise from 2% in 2018. Initiatives supporting this growth include the Green Technology Financing Scheme and the recent Solar for Rakyat Incentive Scheme (SolaRIS), designed to boost residential solar adoption through tax exemptions and investment allowances.
Lee Seng Chi, CEO of Founder Group, expressed satisfaction with the trust project owners have shown in the company and reiterated the firm’s commitment to Malaysia’s renewable energy transition. He also highlighted the company’s readiness to apply its expertise in upcoming solar PV projects.
Founder Group Limited focuses on large-scale and commercial and industrial solar projects, with a mission to provide innovative installation services and promote sustainable resources towards carbon neutrality.
The announcement is based on a press release statement, and it should be noted that forward-looking statements involve risks and uncertainties. Founder Group has cautioned that actual results may differ materially from those projected due to various factors, as outlined in their filings with the U.S. Securities and Exchange Commission.
