Founder Group, GCL sign a US$220 million MoU

Malaysian PV solutions provider Founder Group has signed a US$220 million memorandum of understanding (MoU) with Chinese polysilicon producer GCL Technology.

The companies will explore, identify, assess and undertake renewable energy projects across Malaysia and the Association of Southeast Asian Nations (ASEAN). Under the terms of the agreement, the partnership involves sharing information, implementing joint actions and regularly reviewing progress. Both companies will also contribute technical expertise to support identified initiatives.

Additionally, they will take the necessary steps to professionally identify and secure projects. Upon securing, a separate agreement will define their respective roles, support and information-sharing responsibilities. Following the MoU, both parties will use internal resources to identify opportunities, review tenders, draft business plans and develop proposals.

Lee Seng Chi, CEO of Founder Group, said that the collaboration with GCL Systems Integration marks a significant step toward advancing renewable energy efforts in Malaysia and the region. He noted that GCL’s expertise in solar PV and storage would strengthen their capabilities.

Recently, GCL Technology shifted its manufacturing focus (Premium access) in response to ongoing challenges in the polysilicon market and completed its exit from all remaining investments in China’s Xinjiang Uyghur Autonomous Region (XUAR).

The company announced it had divested its indirect stake in silicon rod manufacturer Xinjiang Goens, previously held through its subsidiary Jiangsu Zhongneng. With this step, GCL fully withdrew from both direct and indirect investments in Siemens-based polysilicon production, transitioning entirely to granular polysilicon methods.

The companies will explore, identify, assess and undertake renewable energy projects across Malaysia and ASEAN. Image: GCL Technology.

This article is reposted from PV Tech. Written: Shreeyashi Ojha.

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