Founder Group and GCL Systems sign $220m renewable energy MoU
Founder Group has entered a memorandum of understanding (MoU) with GCL Systems Integration Technology to develop renewable energy projects across Malaysia and other ASEAN countries, with potential ventures valued at $220m.
The collaboration will involve information exchange, action implementation and periodic reviews to ensure effective cooperation.
Both parties are committed to providing their technical expertise for the execution of identified projects within the renewable energy sector.
Each company will engage in meticulous procedures aimed at identifying viable projects.
If any project materialises from the agreement, a separate definitive contract will be established detailing each company's commitments, including the provision of necessary assistance, relevant information and documents required by the other party.
Both companies will use their internal resources to source potential ventures, analyse tenders, formulate business strategies and craft proposals.
Founder Group CEO Lee Seng Chi stated: 'We are proud to announce our collaboration with GCL Systems Integration Technology on future renewable energy projects.
'Leveraging GCL's strong global reputation and expertise in manufacturing and supply of solar PV [photovoltaic] modules and storage will be an integral part of this cooperation to advance our capabilities to support Malaysia and the surrounding countries' renewable energy goals and promote a greener environment for our customers.
'Additionally, we anticipate significant revenue opportunities as we work to establish sustainable projects that will drive top-line growth as well as margin and income expansion, which we expect will result in substantial gains in shareholder value.'
GCL Systems Integration Technology is a smart PV and storage system integrator, while Founder Group is an engineering, procurement, construction and commissioning solutions provider for solar PV systems in Malaysia.
"Founder Group and GCL Systems sign $220m renewable energy MoU" was originally created and published by Power Technology, a GlobalData owned brand.
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