Founder Group Limited Secures US$5 Million EPC Contract for a 5.5MW Solar Plant under Malaysia's LSS5 PETRA Programme

KUALA LUMPUR, Malaysia, March 16, 2026 -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic (PV) systems in Malaysia, today announced that it has secured a RM19.5 million (approximately US$5 million) EPC contract for a 5.5MW solar facility. The contract was awarded by a prominent solar investment company under Malaysia’s Large Scale Solar 5 (“LSS5”) programme.

The LSS5 programme, also known as Peralihan Tenaga SuRiA (PETRA), represents Malaysia’s largest solar tender to date. With a total generation quota of 2,000 megawatts (MW), LSS5 more than doubles the capacity offered in previous iterations, underscoring the accelerating momentum of the country’s renewable energy sector.  

The rollout of LSS PETRA and LSS PETRA 5+ is a key component of Malaysia’s broader strategy to accelerate renewable-energy deployment under the Malaysia MADANI framework and the National Energy Transition Roadmap (NETR), supporting the nation’s target of achieving Net Zero emissions by 2050.

Since its inception in 2016, the LSS programme has been a major catalyst for Malaysia’s Renewable Energy (RE) industry. To date, approximately 121 Large Scale Solar (“LSS”) projects have been approved, representing a combined capacity of 6,228 MW and an estimated investment value exceeding RM21 billion.

Project Scope and it’s Deliverable

Under the newly-secured contract, the Founder Group will oversee the design, construction testing and commissioning of the 5.5 MW solar facility. The project is expected to deliver a guaranteed Maximum Annual Available Capacity (MAAQ) of 13,568.8 megawatt‑hours (MWh) during its first two years of operation. The project has committed to delivering a guarantee of Maximum Annual Available Capacity (MAAQ) guarantee of 13,568.8 megawatts- per hour (MWh) for the first initial two years of power generation operation period. The project is scheduled to achieve commercial operation by May 1, 2027.

The contract win aligns with positive market sentiment regarding Malaysia’s renewable energy landscape. Analysts maintain an "overweight" stance on the sector, citing consistent policy execution, increasing quota allocations, and strong momentum in the solar segment as key drivers of long‑term growth.

“Building on our proven track record in delivering utility-scale projects since LSS4, we are proud to play a key role in this landmark LSS5 cycle,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited. “Our team remains committed to the technical excellence and operational agility required to ensure successful energization by early 2027, further strengthening our position as a preferred EPCC partner in the region.”

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.

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