Founder Group Lands 10-MW Floating Solar EPC Contract

• Founder Group Ltd secures a MYR 20 million contract for a groundbreaking floating solar project in Selangor, pioneering sustainable energy solutions while maximizing water resources.

Founder Group Ltd, a Malaysian solar firm, has secured a Letter of Award (LOA) for the engineering, procurement, construction, and commissioning (EPCC) of a 10-MWac/15-MWdc floating solar project in Selangor, Malaysia. The project, valued at MYR 20 million (USD 4.4 million), will see Founder Group act as a sub-contractor responsible for labor, materials, and equipment.

The floating solar installation will span approximately 24 acres of water in Kuala Langat and is slated for completion by the end of June. This innovative technology mounts photovoltaic panels on floating structures, optimizing power generation while minimizing land usage. Founded in Klang, Founder Group went public in New York in October 2024, raising USD 4.9 million.

What are the key details of Founder Group's new floating solar project in Selangor?

Here are the key details of Founder Group's new floating solar project in Selangor:

Project Overview:

• Name: Floating Solar Project
• Location: Kuala Langat, Selangor, Malaysia

Capacity:

• Designed capacity: 10-MWac (Megawatt alternating current)
• Equivalent capacity: 15-MWdc (Megawatt direct current)

Financials:

• Project value: MYR 20 million (approximately USD 4.4 million)
• Funding sources and financial stability details are also being evaluated.

Project Duration:

• Scheduled completion: End of June 2024
• Construction timeline from initiation to commissioning will be closely monitored.

Technology:

• Utilizes floating solar panel technology which allows installation of photovoltaic panels on water surfaces, minimizing land requirements and maximizing space efficiency.
• Advantages include reduced evaporation from water bodies and enhanced cooling of solar panels, improving energy efficiency.

Land Footprint:

• Area covered: Approximately 24 acres of water, significantly less invasive compared to traditional land-based solar farms.

Role of Founder Group:

• Acts as a sub-contractor primarily responsible for engineering, procurement, construction, and commissioning (EPCC) components.
• Collaboration with other stakeholders and contractors may be in place to ensure timely delivery and compliance with standards.

Environmental Impact:

• Expected to contribute to renewable energy production in Malaysia and assist in achieving sustainability goals.
• Potentially lowers carbon emissions compared to fossil fuel energy sources.

Market Context:

• The project aligns with Malaysia’s push towards renewable energy expansion and diversification of its energy mix.
• It reflects a growing trend of floating solar initiatives in Southeast Asia, particularly in countries with limited land resources.

Company Background:

• Founder Group Ltd was founded in Klang, Malaysia, and recently went public in New York in October 2024.
• Generated approximately USD 4.9 million through its IPO, indicating investor interest in renewable energy solutions within the region.

Future Prospects:

• Successful implementation of this project could pave the way for future floating solar projects in Malaysia and neighboring countries.
• Could lead to increased investments and innovations in renewable technologies and infrastructure within the region.

Stakeholder Engagement:

• Ongoing communication with local communities and authorities to promote transparency and address any concerns related to the project development.