Founder Group Limited Secures US$4 million 25.4MW Utility-Scale Solar Contract under Malaysia’s CGPP Programme

Founder Group (NASDAQ: FGL) secured an approximately RM16 million (US$4.14 million) EPCC contract to build a 25.40MW utility‑scale solar project under Malaysia’s Corporate Green Power Programme (CGPP) announced on March 9, 2026.

Rhea-AI Summary

Founder Group (NASDAQ: FGL) secured an approximately RM16 million (US$4.14 million) EPCC contract to build a 25.40MW utility‑scale solar project under Malaysia’s Corporate Green Power Programme (CGPP) announced on March 9, 2026. The project is expected to generate ~53,000 MWh annually, offset ~35,000 tonnes CO2, and supply ~53,000 RECs, while expanding the company’s EPCC order book and visibility into multi‑year recurring revenue opportunities.

Positive

• EPCC contract value of approximately US$4.14 million
• Project capacity of 25.40MW utility‑scale solar
• Estimated annual generation of 53,000 MWh
• Estimated carbon offset of 35,000 tonnes CO2
• Approximately 53,000 RECs contributed to the market

Negative

• None.

Argus Mar 9 session

-4.72% close to close Open Argus

Details

News Market Reaction – FGL

In the Mar 9 session, FGL declined 4.72%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a RM16 million EPCC contract for a 25.40 MW CGPP solar project expected...

Analysis

This announcement highlights a RM16 million EPCC contract for a 25.40 MW CGPP solar project expected to deliver about 53,000 MWh annually and offset 35,000 tonnes of CO2. It extends FGL’s role in Malaysia’s utility-scale solar build-out and adds to an order book already featuring a RM1.16 billion Sarawak initiative. Investors may track execution on these projects, the pace of additional CGPP and LSS awards, and ongoing impacts from the $16,070,000 convertible note and related resale registration.

Key Figures

EPCC contract value: RM16 million EPCC contract value (USD): US$4.14 million Solar project capacity: 25.40 MW +5 more

EPCC contract value

RM16 million

CGPP utility-scale solar EPCC contract in Malaysia

EPCC contract value (USD)

US$4.14 million

CGPP utility-scale solar EPCC contract in Malaysia

Solar project capacity

25.40 MW

Large-scale solar (LSS) project under CGPP

Annual clean energy output

53,000 MWh

Expected generation from CGPP solar project

CO2 emissions offset

35,000 tonnes

Estimated annual emissions reduction from project

Renewable Energy Certificates

53,000 RECs

Anticipated annual RECs from CGPP solar project

Registered resale shares

900,000 Class A shares

Form F-1 resale registration tied to convertible note

Convertible note principal

$16,070,000

Secured convertible promissory note dated December 11, 2025

Historical Context

5 past events · Latest: Mar 03

5 events

1. Mar 03

   Nasdaq compliance regained

   24h Move

   -5.4%

   Restoration of compliance with Nasdaq’s minimum bid price requirement.

2. Feb 20

   Nasdaq shares deficiency

   24h Move

   -15.9%

   Notification of failing minimum 500,000 publicly held shares requirement.

3. Feb 06

   100-for-1 share combo

   24h Move

   -27.5%

   Reverse share combination to seek cure for Nasdaq bid price deficiency.

4. Nov 12

   Bid price deficiency

   24h Move

   -2.9%

   Nasdaq notice for not meeting $1 minimum bid price compliance.

5. Sep 26

   Large solar project

   24h Move

   -35.5%

   Landmark RM1.16 billion 310 MWp solar-plus-storage project announcement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

engineering, procurement, construction, and commissioning (epcc), virtual power purchase agreements (vppas), photovoltaic (pv), renewable energy certificates (recs)

4 terms

engineering, procurement, construction, and commissioning (epcc) technical

"awarded an approximately RM16 million (US$4.14 million) Engineering, Procurement, Construction, and Commissioning (EPCC) contract"

A contracting approach where one party is responsible for engineering (design), procurement (buying equipment and materials), construction (building the facility) and commissioning (testing and starting operations). It matters to investors because it puts most project risk—cost overruns, delays, and responsibility for performance—on a single contractor, much like hiring a general contractor to design, buy, build and hand over a finished house; that clarity affects project costs, timelines and cash flow.

virtual power purchase agreements (vppas) financial

"initiative designed to accelerate corporate decarbonization through Virtual Power Purchase Agreements (VPPAs)"

A virtual power purchase agreement (vPPA) is a financial contract where a buyer agrees to pay a set price for the output of a renewable energy project and receives the clean energy certificates, without taking physical delivery of the electricity. Think of it like agreeing in advance to buy a farmer’s crop at a fixed price while the crop is sold into the market — you gain price certainty and the environmental credit even though you don’t handle the product. For investors, vPPAs matter because they lock in long‑term energy costs, reduce exposure to price swings, and support environmental targets that can affect company reputation, regulatory compliance, and future cash flows.

photovoltaic (pv) technical

"interconnection facility of the solar Photovoltaic (PV) facility"

Photovoltaic (PV) describes technology that turns sunlight directly into electricity using panels made of materials that free electrons when struck by light; think of PV panels like artificial leaves that harvest sunlight to produce usable power. For investors, PV matters because it represents a source of predictable, long‑term revenue or cost savings, influences capital spending and asset values, and is affected by energy prices, government incentives and technology improvements.

renewable energy certificates (recs) regulatory

"contribute roughly 53,000 Renewable Energy Certificates (“RECs”) to the market"

A renewable energy certificate (REC) is a tradable proof that one unit of electricity (one megawatt-hour, MWh) was generated from a renewable source like wind or solar; the certificate can be sold separately from the physical electricity. Investors care because RECs create an independent revenue stream and let companies claim green energy use without changing how power flows to a site, so they affect earnings, regulatory compliance costs, and perceived environmental credentials much like a saleable receipt or “green tag.”

AI-generated analysis. How Rhea-AI works. Not financial advice.

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KUALA LUMPUR, Malaysia, March 09, 2026 (GLOBE NEWSWIRE) -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a regional clean energy expert in Malaysia, today announced that it has been awarded an approximately RM16 million (US$4.14 million) Engineering, Procurement, Construction, and Commissioning (EPCC) contract for a 25.40MW large‑scale solar (LSS) project in Malaysia.

Strategic Importance of the Corporate Green Power Programme (CGPP) Award

The project is part of Malaysia’s Corporate Green Power Programme (“CGPP”), a government‑backed initiative designed to accelerate corporate decarbonization through Virtual Power Purchase Agreements (VPPAs) and the deployment of new utility‑scale solar capacity nationwide.

Under the contract, Founder Group will undertake supply, civil and structural works, testing, commissioning and interconnection facility of the solar Photovoltaic (PV) facility. The project is expected to generate approximately 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions. It is also anticipated to contribute roughly 53,000 Renewable Energy Certificates (“RECs”) to the market, supporting corporate consumers in meeting their sustainability commitments.

This award strengthens Founder Group’s position in Malaysia’s fast‑growing utility‑scale solar segment and enhances the Company’s visibility into recurring, multi‑year revenue opportunities.

Strategic Outlook

Founder Group continues to pursue additional LSS5 and LSS5+ programmes, the Corporate Renewable Energy Sourcing Scheme (CRESS) and regional solar tenders. The Company views this contract as a meaningful milestone that reinforces its competitiveness and supports the expansion of its EPCC order book.

“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 Limited. “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. We expect this contract to contribute meaningfully to our order book and to support the development of recurring revenue streams as we continue to scale. We look forward to announcing additional project wins that further strengthen our market position and long-term growth trajectory.”

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.

CONTACT INFORMATION:

For media queries, please contact:

Founder Group Limited
info@founderenergy.com.my

Investor Relations Inquiries:

Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What is the value and scope of Founder Group's March 9, 2026 EPCC contract (FGL)?

The contract is approximately RM16 million (US$4.14 million) for EPCC services. According to the company, it covers supply, civil and structural works, testing, commissioning and interconnection for a 25.40MW PV facility.

How much electricity will the 25.40MW FGL solar project produce annually?

The project is expected to generate approximately 53,000 MWh of clean energy per year. According to the company, this supports corporate decarbonization via VPPAs and renewable energy certificates.

How many RECs and carbon offsets will Founder Group deliver from the CGPP project (FGL)?

The project is anticipated to contribute about 53,000 RECs and offset ~35,000 tonnes CO2 annually. According to the company, these support corporate sustainability commitments under CGPP.

What strategic impact does the CGPP award have on Founder Group's business (FGL)?

The award strengthens Founder Group's position in Malaysia’s utility‑scale solar market and expands its EPCC order book. According to the company, it improves visibility into recurring, multi‑year revenue opportunities.

Will the March 9, 2026 contract help Founder Group pursue additional tenders like LSS5 and CRESS (FGL)?

Yes, the company views this contract as a meaningful milestone to pursue further LSS5, LSS5+, and CRESS opportunities. According to the company, it reinforces competitiveness for upcoming regional solar tenders.