Founder Group secures US$5 million contract for Malaysia solar project

Founder Group Limited (NASDAQ: FGL) announced it secured a RM19.5 million (approximately US$5 million) engineering, procurement and construction contract for a 5.5-megawatt solar facility in Malaysia. The contract was awarded by a solar investment company under Malaysia's Large Scale Solar 5 programme.

The LSS5 programme, known as Peralihan Tenaga SuRiA (PETRA), represents Malaysia's largest solar tender with a total generation quota of 2,000 megawatts. The programme more than doubles the capacity offered in previous iterations.

Under the contract, Founder Group will oversee the design, construction, testing and commissioning of the 5.5-megawatt solar facility. The project is expected to deliver a guaranteed Maximum Annual Available Capacity of 13,568.8 megawatt-hours during its first two years of operation. Commercial operation is scheduled for May 1, 2027.

Since its inception in 2016, Malaysia's LSS programme has approved approximately 121 projects representing a combined capacity of 6,228 megawatts and an estimated investment value exceeding RM21 billion.

"Building on our proven track record in delivering utility-scale projects since LSS4, we are proud to play a key role in this landmark LSS5 cycle," said Lee Seng Chi, Chief Executive Officer of Founder Group Limited. "Our team remains committed to the technical excellence and operational agility required to ensure successful energization by early 2027."

The LSS PETRA programme supports Malaysia's target of achieving net zero emissions by 2050 under the Malaysia MADANI framework and the National Energy Transition Roadmap.

Founder Group Limited provides engineering, procurement, construction and commissioning solutions for solar photovoltaic systems in Malaysia, focusing on large-scale solar projects and commercial and industrial solar projects.

You May Also Be Interested In

• Orion Digital receives Nasdaq minimum bid price deficiency notice
• Vivani Medical adds August Moretti to board as Dean Baker retires
• Matinas BioPharma gets NYSE American compliance notice