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VCI Global Limited & Founder Energy Form Strategic Alliance to Explore Clean Energy Industry

VCI Global Limited signed a non-binding Memorandum Of Understanding with Founder Energy Sdn Bhd (FESB), a 51% owned subsidiary of Reservoir Link Energy Bhd, to possibly form a strategic alliance which would tap into the respective unique strengths of VCI Global and FESB.

The Company believes that a strategic alliance with FESB will enable further development of each party’s resources and such strengths would be applied to explore and venture into new market opportunities in the clean energy industry to procure, manage and develop clean energy projects within the Southeast Asia region.

According to Dato’ Victor Hoo, Chairman and Group Director of VCI Global, t is public knowledge that Malaysia will be increasing the renewable energy’s share of the installed power generation capacity to 40% by 2035. Indonesia is not far behind with its target of 31% by 2050. Vietnam is a fast-developing country, aiming to increase the renewable’s share to 32% by 2030.

“An alliance with FESB would enable us to move into a growing industry where its potential has yet to be fully realised. Given these countries’ quest to optimise usage of clean energy to generate electricity, an alliance with FESB would be timely for VCI Global,” said Dato’ Victor Hoo.

“We are undoubtedly honoured to be in the process of forming an alliance with VCI Global. Given our entrenched presence in the renewable energy space, this potential alliance augurs well for our renewable ene rgy arm,” added Thien Chiet Chai, Executive Director of Reservoir Link Energy Bhd.

"Looking ahead, we will strategically be on the lookout for more opportunities to widen our offerings in the renewable energy space including the Southeast Asia region given its vast potential. We are also open to other renewable alternatives in light of the growing uptake in renewables."


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