Shares of Founder Group (NASDAQ:FGL) climbed 20% on Monday after the company announced it had been awarded an Engineering, Procurement, Construction, and Commissioning (EPCC) contract valued at approximately RM16 million ($4.14 million) for a 25.40MW solar power project in Malaysia.
The project forms part of Malaysia’s Corporate Green Power Programme (CGPP), a government initiative designed to accelerate corporate decarbonization through Virtual Power Purchase Agreements and the development of large-scale solar capacity.
Under the contract, Founder Group will oversee the supply of equipment, civil and structural construction, testing and commissioning activities, as well as the interconnection facilities for the solar photovoltaic plant. Once operational, the installation is expected to generate about 53,000 megawatt-hours of renewable electricity annually, helping reduce roughly 35,000 tonnes of carbon dioxide emissions.
The project is also expected to contribute around 53,000 Renewable Energy Certificates to the market, enabling corporate buyers to meet their sustainability targets.
“This award reinforces Founder Group’s growing role in Malaysia’s energy transition and demonstrates our strong execution track record under the CGPP framework,” said Lee Seng Chi, Chief Executive Officer of Founder Group. “As Malaysia accelerates its utility-scale solar rollout, Founder Group is well-positioned to capture a larger share of upcoming tenders and expand our presence in high-value EPCC projects.”
The company said the new contract strengthens its position in Malaysia’s utility-scale solar sector while improving visibility for multi-year revenue streams. Founder Group added that it is continuing to pursue opportunities under the LSS5 and LSS5+ programs, the Corporate Renewable Energy Sourcing Scheme, and other regional solar tenders.