KUALA LUMPUR, Malaysia, Nov. 11, 2024 (GLOBE NEWSWIRE) - Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a pure play, end to end engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is pleased to announce the receipt of several Letters of Award (LOAs) for multiple large-scale solar projects, with a combined contract value of approximately US$5.5 million (equivalent to approximately RM22.5 million).
Under the terms of these LOAs, Founder Energy will assume various responsibilities across the projects, including full EPCC services, the supply and installation of DC and AC electrical systems, Instrumentation & Control (I&C) systems, and civil works. These responsibilities encompass projects within the Corporate Green Power Programme (CGPP) as well as a utility-scale solar project. This demonstrates the Company's flexibility in addressing the diverse needs of large-scale solar initiatives.
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%, driven by the country's strong commitment to renewable energy. As part of this effort, Malaysia aims to achieve a 20% renewable energy mix by 2025, up from just 2% in 2018, supported by initiatives like the Green Technology Financing Scheme, according to the ASEAN Energy Database System. In 2024, the government introduced the Solar for Rakyat Incentive Scheme (SolaRIS) to further accelerate residential solar adoption, complemented by tax exemptions and green technology investment allowances.
“We are pleased to have received these Letters of Award, which are a testament to the trust placed in us by various project owners and highlight our commitment to supporting Malaysia's transition to renewable energy. We look forward to leveraging our expertise in EPCC solar PV projects as we continue to deliver large-scale solar initiatives moving forward,” 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/.
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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