Shares of Founder Group Limited (NASDAQ: FGL) are showing signs of recovery on the US stock charts. As of the latest pre-market check, FGL stock surged by 10.23%, trading at $2.91. This uptick partially offsets the previous session’s 13.73% decline, which concluded at $2.64. The fluctuation is attributed to the announcement of a significant conditional contract award.
Major Solar Farm Project in Malaysia
Founder Group (FGL) has secured a conditional Letter of Award (LOA) valued at approximately $68 million (around RM299.26 million) for a landmark project: the development of a 100-megawatt solar farm in Tanjung Malim, Malaysia.
Spanning 900 acres, this solar farm will provide critical energy to power an advanced AI data center in Enstek City, Malaysia. Founder Group, the Engineering, Procurement, and Construction (EPC) partner, is expected to be a key player in this game-changing project, solidifying its place in the renewable energy industry.
Strategic Partnership with Hexatoff Group
In this venture, Founder Group collaborates with Hexatoff Group Sdn. Bhd., a Malaysian turnkey solutions provider specializing in infrastructure and building construction. Hexatoff is registered with Malaysia’s Ministry of Finance and possesses the highest-grade building license in the nation (G7).
This collaboration supports Malaysia’s goals to become a regional center for artificial intelligence and digital infrastructure, fusing cutting-edge technology with environmentally friendly growth.
Malaysia’s Potential for Renewable Energy
As stated in its National Energy Transition Roadmap (NETR), which was introduced in August 2023, the country’s strong commitment to renewable energy is reflected in this rise. This roadmap emphasizes solar installations, renewable energy zones, and utility-scale storage systems, fostering opportunities for EPCC firms like Founder Group.
A Significant Development in Sustainability and Innovation
In line with Malaysia’s NETR objectives, the 100 megawatt solar farm project represents a major turning point for FGL. The collaboration with Hexatoff underscores Founder Group’s dedication to driving sustainable energy solutions while supporting Malaysia’s vision of becoming a leader in advanced AI and digital infrastructure.