Founder Group Secures Conditional Letter of Award Worth Approximately US$68 Million for a 100MW Solar Farm in Malaysia
Founder Group (NASDAQ: FGL) has secured a conditional Letter of Award worth approximately US$68 million for developing a 100-megawatt solar farm in Tanjung Malim, Malaysia. The 900-acre project will power an AI data center in Enstek City, with Founder Group serving as the EPC partner alongside Hexatoff Group.
The project aligns with Malaysia's National Energy Transition Roadmap and reflects the country's growing solar EPCC services industry, projected to reach US$350 million by 2026 with a CAGR of 23.5%. This development supports Malaysia's position as a leading hub for AI and digital infrastructure in Southeast Asia.
Founder Group (NASDAQ: FGL) ha ottenuto una Lettera di Assegnazione condizionale del valore di circa 68 milioni di dollari USA per lo sviluppo di un parco solare da 100 megawatt a Tanjung Malim, Malesia. Il progetto di 900 acri fornirà energia a un centro dati per intelligenza artificiale nella città di Enstek, con Founder Group che fungerà da partner EPC insieme a Hexatoff Group.
Il progetto è in linea con la Roadmap Nazionale per la Transizione Energetica della Malesia e riflette l'industria dei servizi EPCC solari in espansione del paese, che si prevede raggiunga 350 milioni di dollari USA entro il 2026 con un CAGR del 23,5%. Questo sviluppo sostiene la posizione della Malesia come hub leader per l'intelligenza artificiale e l'infrastruttura digitale nel sud-est asiatico.
Founder Group (NASDAQ: FGL) ha asegurado una Carta de Adjudicación condicional por un valor aproximado de 68 millones de dólares estadounidenses para desarrollar una planta solar de 100 megavatios en Tanjung Malim, Malasia. El proyecto de 900 acres alimentará un centro de datos de inteligencia artificial en la ciudad de Enstek, con Founder Group actuando como socio EPC junto a Hexatoff Group.
El proyecto se alinea con la Hoja de Ruta Nacional de Transición Energética de Malasia y refleja la creciente industria de servicios EPCC solares del país, que se proyecta alcanzará 350 millones de dólares estadounidenses para 2026 con una TCA del 23,5%. Este desarrollo respalda la posición de Malasia como un centro líder para la inteligencia artificial y la infraestructura digital en el sudeste asiático.
파운더 그룹 (NASDAQ: FGL)는 말레이시아 탄중 말림에 100메가와트 태양광 발전소를 개발하기 위해 약 6,800만 달러 가치의 조건부 수상 통지서를 확보했습니다. 900에이커 규모의 이 프로젝트는 엔스텍 시티에 있는 AI 데이터 센터에 전력을 공급하며, 파운더 그룹은 Hexatoff 그룹과 함께 EPC 파트너로 활동합니다.
이 프로젝트는 말레이시아의 국가 에너지 전환 로드맵과 일치하며, 말레이시아의 성장하는 태양광 EPCC 서비스 산업을 반영합니다. 이 산업은 2026년까지 3억 5천만 달러에 이를 것으로 예상되며, 연평균 성장률(CAGR)은 23.5%입니다. 이 개발은 말레이시아가 동남아시아의 AI 및 디지털 인프라의 주요 허브로 자리 잡는 데 기여합니다.
Founder Group (NASDAQ: FGL) a sécurisé une Lettre d'Attribution conditionnelle d'une valeur d'environ 68 millions de dollars US pour le développement d'une ferme solaire de 100 mégawatts à Tanjung Malim, en Malaisie. Le projet de 900 acres alimentera un centre de données d'IA à Enstek City, Founder Group agissant en tant que partenaire EPC aux côtés du groupe Hexatoff.
Le projet est en conformité avec la Feuille de Route Nationale de Transition Énergétique de la Malaisie et reflète l'industrie croissante des services EPCC solaires du pays, qui devrait atteindre 350 millions de dollars US d'ici 2026 avec un TCAC de 23,5%. Ce développement soutient la position de la Malaisie en tant que hub leader pour l'IA et l'infrastructure numérique en Asie du Sud-Est.
Founder Group (NASDAQ: FGL) hat eine bedingte Zuschrift über ungefähr 68 Millionen US-Dollar für die Entwicklung eines 100-Megawatt-Solarparks in Tanjung Malim, Malaysia, gesichert. Das 900 Acres große Projekt wird ein KI-Datenzentrum in Enstek City mit Strom versorgen, wobei Founder Group als EPC-Partner zusammen mit der Hexatoff Group fungiert.
Das Projekt steht im Einklang mit dem nationalen Energieübergangsfahrplan Malaysias und spiegelt die wachsende Solar-EPCC-Dienstleistungsbranche des Landes wider, die bis 2026 voraussichtlich 350 Millionen US-Dollar erreichen wird, mit einer CAGR von 23,5%. Diese Entwicklung unterstützt Malaysias Position als führendes Zentrum für KI und digitale Infrastruktur in Südostasien.
- Secured major contract worth US$68 million for 100MW solar farm development
- Project provides steady revenue stream through power supply to AI data center
- Partnership with government-registered Hexatoff Group (G7 license holder) strengthens market position
- Enters growing market with 23.5% CAGR projection through 2026
- Contract is conditional, indicating execution risks
- Large project size (900 acres) may present operational challenges
Insights
The
The partnership with Hexatoff Group, a G7-licensed contractor, adds credibility and local expertise to execute this large-scale 100MW project. The solar farm's dedicated purpose of powering an AI data center provides revenue visibility and aligns with Malaysia's digital infrastructure growth plans. This contract could significantly boost FGL's order book and future earnings potential, while establishing the company as a key player in Malaysia's renewable energy transition.
The 100MW solar farm project is strategically significant, combining renewable energy with data center infrastructure. The 900-acre development will provide dedicated power to an AI data center, representing an innovative approach to sustainable data center operations. This integration of solar power with AI infrastructure demonstrates the evolving landscape of renewable energy applications in Southeast Asia.
The project aligns perfectly with Malaysia's National Energy Transition Roadmap (NETR) initiatives, positioning FGL to benefit from government support and increasing corporate demand for renewable energy solutions. The focus on utility-scale storage systems and renewable energy zones suggests potential for future project opportunities beyond this initial contract.
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
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
“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.
CONTACT INFORMATION:
For media queries, please contact:
Founder Group Limited
info@founderenergy.com.my
FAQ
What is the value of Founder Group's (FGL) new solar farm contract in Malaysia?
What is the size and capacity of Founder Group's (FGL) new solar farm project?
What is the projected growth rate of Malaysia's solar EPCC services industry by 2026?
