AmBank Group, through its Islamic banking arm AmBank Islamic Bhd, has provided RM103.8 million in financing to Founder Energy Sdn Bhd to support a large-scale solar power project in Kedah. The financing will help Founder Energy carry out its role as the engineering, procurement, construction, and commissioning contractor for the project. Founder Energy Sdn Bhd is a wholly owned subsidiary of Founder Group Ltd.
The funding will support the development of a 29.99 MW alternating current ground-mounted solar photovoltaic facility located in Bukit Selambau, Kedah. In addition to this project, the financing will also help Founder Energy undertake other commercial and industrial solar projects. The Kedah solar project has a total contract value of RM132.07 million and was awarded to Founder Energy by a project developer backed by a mix of local and multinational corporate shareholders.
The project is part of Malaysia’s Corporate Green Power Programme, which was launched by the Energy Commission in 2022. The programme aims to encourage greater corporate involvement in renewable energy and speed up the country’s clean energy transition. The solar facility is scheduled to be completed by March 2027 and is expected to contribute to Malaysia’s efforts to reduce carbon emissions and increase the share of renewable energy in the power mix.
AmBank Group managing director of business banking, Christopher Yap, said the financing reflects the group’s continued commitment to supporting renewable energy projects. He noted that the partnership with Founder Energy under the CGPP framework helps businesses move towards cleaner energy while supporting the nation’s low-carbon goals.
Founder Group chief executive officer Eric Lee said the financing shows growing confidence in the company’s technical strength and financial credibility. He added that the funding will help the group deliver large utility-scale solar projects and support Malaysia’s green energy ambitions.
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