Founder Group Secures Conditional LoA Worth US$68M for a 100MW Solar Farm in Malaysia

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.