Founder Group Expands Renewable Energy Footprint with Vietnam Acquisition
Deal News | Nov 25, 2024 | Globenewswire
Founder Group Limited, a major player in engineering, procurement, construction, and commissioning (EPCC) solutions in Malaysia, announced its proposed acquisition of an 80% stake in VES 1 Joint Stock Company, a subsidiary of Vietnam's VES Joint Stock Company. This acquisition aligns with Founder Group's strategy to expand its solar energy footprint in Southeast Asia. VES1 is active in Vietnam's solar energy sector, working on projects with significant potential for expansion. Under the agreement, Founder Group will have exclusive rights to future rooftop solar and energy storage projects in Vietnam secured by VES1 over the next three years. This acquisition fits into Vietnam's national strategy to substantially increase its renewable energy share by 2030. The deal strengthens Founder Group's position in the renewable energy market and provides new opportunities in Vietnam's burgeoning solar energy industry.
Sectors
- Renewable Energy
- Engineering, Procurement, Construction, and Commissioning (EPCC)
Geography
- Vietnam – VES 1 Joint Stock Company operates in Vietnam, making it a key geographical focus of the article.
- Malaysia – Founder Group Limited, the acquiring company, is based in Malaysia, linking the country's relevance to the acquisition.
Industry
- Renewable Energy – The article discusses the acquisition of a company specializing in solar and wind power solutions, indicating its relevance to the renewable energy sector.
- Engineering, Procurement, Construction, and Commissioning (EPCC) – Founder Group operates as an EPCC solutions provider for solar photovoltaic systems, highlighting its importance in the EPCC industry.
Financials
- 80% – Percentage of VES1 shares that Founder Group aims to acquire.
- US$12.4 billion – Projected revenue of the solar energy systems market in Vietnam by 2030.
- 33.47 TWh – Expected solar energy market output in Vietnam by 2032.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Founder Group Limited | Acquiring Company | Company | A Malaysian EPCC solutions provider for solar PV facilities, focusing on large-scale and C&I solar projects. |
| VES 1 Joint Stock Company | Target Company | Company | A subsidiary of VES, involved in developing solar energy projects in Vietnam. |
| VES Joint Stock Company | Parent Company of Target | Company | A pioneer in renewable energy in Vietnam, specializing in solar and wind power solutions. |
| Lee Seng Chi | CEO of Founder Group | Person | Chief Executive Officer leading the strategic acquisition of VES1. |
| Andy Nguyen | Chairman of VES | Person | Chairman and Founder of VES Joint Stock Company, supporting the acquisition. |