Company Overview - Founder Group Limited is a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia [1][5] - The company focuses on large-scale solar projects and commercial and industrial (C&I) solar projects, aiming to promote eco-friendly resources and achieve carbon neutrality [5] Acquisition Details - Founder Group plans to acquire approximately 80% of VES 1 Joint Stock Company (VES1), a subsidiary of VES Joint Stock Company, which specializes in solar and wind power solutions in Vietnam [2] - VES1 is involved in several solar energy projects, including solar rooftop projects with a combined capacity of 5.6MWp, and has secured rights for future expansions totaling 50MWp and 58MWp installations with energy storage [2] Market Potential - Vietnam's strategic energy development plan aims for a renewable energy share of 15-20% in the overall primary energy mix by 2030, with a long-term goal of 80-85% by 2050 [3] - The solar energy systems market in Vietnam is projected to generate US$12.4 billion in revenue by 2030, with a compound annual growth rate (CAGR) of 16% from 2023 to 2030 [3] Strategic Importance - The acquisition enhances Founder Group's position in the renewable energy sector and provides exclusive access to key opportunities in rooftop solar and energy storage projects in Vietnam for the next three years [2][4] - The collaboration is expected to contribute significantly to Vietnam's strategic energy development plan and advance sustainable energy solutions [4][8]
Founder Group Expands Southeast Asia Presence With Proposed Acquisition of Vietnam-Based Renewable Energy Company