Founder Group wins US$1.5m EPCC subcontract for 30 MW Malaysia solar
Founder Energy Sdn Bhd, the Malaysian operating subsidiary of NASDAQ-listed Founder Group Limited (FGL), has been awarded a subcontract valued at RM6.05 million (approximately US$1.5 million) to handle electrical and mechanical installation and commissioning of a 29.99 MWac large-scale solar photovoltaic facility in Daerah Kuala Muda, Kedah. The contract was awarded under Malaysia's Corporate Green Power Programme (CGPP), a national mechanism that allows corporates to procure renewable electricity from large-scale solar developers via the national grid.
Founder Energy's scope covers procurement, electrical and mechanical installation, and commissioning up to the interconnection point, in compliance with requirements set by national utility Tenaga Nasional Berhad. Major equipment is being purchased directly by the main contractor. The company said it is also responsible for securing all permits, licences and approvals required for construction and operation.
Malaysia's expanding solar pipeline
The award reflects a broader acceleration in Malaysian renewable energy policy. The National Energy Transition Roadmap (NETR) sets a target of 70% renewable energy capacity by 2050, and a series of market mechanisms are being deployed to get there. In July 2026, the Ministry of Energy Transition and Water Transformation launched the sixth large-scale solar tender round (LSS6), offering 2,500 MW of solar capacity. The ministry projected the round could attract investment of between RM13 billion and RM15 billion (roughly US$3.2 billion to US$3.7 billion). That pipeline sits alongside existing schemes including CGPP and the Corporate Renewable Energy Supply Scheme (CRESS).
The commercial context is also driven by tariff dynamics. Malaysia entered Regulatory Period 4 (RP4), during which Automatic Fuel Adjustments create price volatility for energy-intensive industrial consumers, giving corporates a financial incentive to lock in contracted renewable power through programmes such as CGPP.
Scale and competitive position
The Kedah subcontract is a relatively small-scale award for a NASDAQ-listed contractor; US$1.5 million represents a fraction of the capital that the broader LSS6 round is expected to mobilise. Founder Group positions the contract primarily as a track-record builder: chief executive Lee Seng Chi said the engagement reflects trust from major industry players and that each subcontract award strengthens the company's credentials as Malaysia's solar pipeline scales.
The company describes itself as a pure-play, end-to-end engineering, procurement, construction and commissioning (EPCC) solutions provider, with operations across large-scale solar and commercial and industrial (C&I) segments. Beyond construction, it offers operations and maintenance (O&M) services, including AI-driven diagnostics, predictive maintenance algorithms and drone-assisted thermal inspection to manage solar asset performance. The company says these capabilities reduce manual inspection requirements, though the release does not provide independent performance or uptime data to verify those claims.
Market context
Malaysia is one of South-East Asia's faster-moving solar markets, with a combination of policy ambition, relatively low-cost land and strong grid interconnection supporting large-scale deployment. Several regional and international EPCC contractors compete for installation work alongside domestic players such as Founder Energy. The LSS6 round, if fully awarded, would represent a meaningful addition to Malaysia's installed solar base and is likely to generate a wave of EPCC subcontracting opportunities through 2027 and 2028.
Investors will watch for Founder Group to convert LSS6 pipeline interest into signed subcontracts, and for whether the company's O&M platform can generate recurring revenue to diversify beyond project-by-project EPCC work.