Founder Group Secures US$1.5 million EPCC Subcontract under Malaysia's Corporate Green Power Programme for 29.99MWac Large-Scale Solar Facility in Kedah
Rhea-AI Summary
Founder Group (NASDAQ: FGL), via subsidiary Founder Energy Sdn Bhd, has been engaged as subcontractor under Malaysia’s Corporate Green Power Programme for EPCC works on a 29.99MWac large-scale solar photovoltaic facility in Kuala Muda, Kedah. The subcontract is valued at RM6.05 million (about US$1.5 million).
Founder Energy’s scope covers procurement, electrical and mechanical installation, approvals, testing and commissioning up to the grid interconnection point, while major equipment is purchased by the main contractor. Founder Group will integrate its proprietary AI-driven O&M technologies, including predictive maintenance and drone-assisted inspections, and views CGPP plus the new 2,500MW LSS6 framework as expanding its EPCC and O&M tender and order book opportunities within Malaysia’s push toward 70% renewable energy capacity by 2050.
Positive
- RM6.05 million (US$1.5 million) EPCC subcontract for 29.99MWac solar project
- Expanded EPCC scope in Malaysia’s CGPP and emerging 2,500MW LSS6 solar pipeline
- Deployment of proprietary AI-driven O&M platform, including predictive maintenance and drone inspections
Negative
- None.
Market reaction after 29.99MWac contract award: FGL +57.27%
Following this news, FGL has gained 57.27%, reflecting a significant positive market reaction. Argus tracked a peak move of +62.7% during the session. Argus tracked a trough of -20.1% from its starting point during tracking. Our momentum scanner has triggered 65 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $0.58. Trading volume is exceptionally heavy at 209.6x the average, suggesting very strong buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 12 | Aquaculture contract | Positive | +3.2% | Second 1.78 MW rooftop EPCC contract for a Kedah shrimp farm |
| Aug 10 | Aquaculture contract | Positive | -6.4% | First 1.4 MW rooftop EPCC contract for a Terengganu shrimp farm |
| Apr 10 | Nasdaq compliance | Positive | -2.1% | Company regained compliance with Nasdaq's minimum publicly held shares requirement |
| Mar 25 | LSS5 contract award | Positive | -18.1% | Additional RM34 million EPC contract for a 9.5 MW solar facility |
| Mar 16 | LSS5 contract award | Positive | -12.3% | RM19.5 million EPC contract for a 5.5 MW solar plant |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent contract announcements mostly diverged from the stock's subsequent price reaction, with only one of four positive contract events aligned.
Key Terms
epcc technical
o&m technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
KUALA LUMPUR, Malaysia, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Founder Energy Sdn Bhd, a subsidiary of Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), has been engaged as subcontractor under Malaysia’s Corporate Green Power Programme (CGPP) for the procurement, electrical and mechanical installation and commissioning of a 29.99MWac large-scale solar photovoltaic facility in Daerah Kuala Muda, Kedah. The engagement is valued at RM6.05 million (approximately US
CGPP is a national mechanism enabling corporates to directly procure renewable energy from large-scale solar developers via the grid, supporting corporate decarbonization commitments while adding grid-scale renewable capacity in Malaysia.
Malaysia’s Renewable Energy Acceleration: CGPP and the New LSS6 Programme
Malaysia’s renewable energy (RE) sector is undergoing rapid structural growth, driven by national policy initiatives under the National Energy Transition Roadmap (NETR), which targets
In July 2026, the Ministry of Energy Transition and Water Transformation (PETRA) launched the Large-Scale Solar (LSS6) frameworks which offers 2,500MW solar capacity which expected to attract investment ranging RM13 billion to RM15 billion (approximately US
For Founder Group, the combination of CGPP’s corporate offtake demand and LSS6’s expanded utility-scale pipeline represents a significant tender book and order book opportunity. As energy-intensive businesses seek to insulate themselves from tariff volatility under Regulatory Period 4 (RP4) and fluctuating Automatic Fuel Adjustments (AFA), and as national utility-scale capacity targets accelerate, the Company expects growing demand for EPCC across both the large-scale solar and commercial and industrial (C&I) segments, alongside continued growth in operations and maintenance (O&M) services for the industry nationwide.
Expanding Service Capabilities: Full-Suite EPCC & AI-Powered O&M
Under the LOA, Founder Energy's scope covers procurement, electrical and mechanical installation, and commissioning of the solar facility, excluding major equipment to be purchased directly by main contractor. Founder Energy's responsibilities include obtaining and maintaining all approvals, licenses, clearances and permits required for construction and operation, and delivering, installing, testing and commissioning the system up to the interconnection point in accordance with Prudent Utility Practices and Tenaga Nasional Berhad (TNB) requirements.
Beyond the turnkey EPCC execution, Founder Group also provides long-term asset lifecycle management. The Company integrate the Company’s proprietary AI-driven Operations & Maintenance (O&M) technologies. Featuring AI-driven diagnostics, predictive maintenance algorithms, and drone-assisted visual and thermal inspection technologies designed to identify anomalies and detect module defects with minimal manual intervention, supporting uptime and performance across solar assets.
CEO Commentary
“Being engaged as subcontractor for the electrical and mechanical installation and commissioning scope on a near-30MW facility reflects the trust that major industry players place in our execution capability,” said Lee Seng Chi, chief executive officer of Founder Group Limited. “Programmes like CGPP, and now the newly launched LSS6, are central to Malaysia’s renewable energy roadmap. Each subcontract award strengthens our track record and positions us to capture a larger share of the pipeline as the industry scales toward the nation’s
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
