Founder Group expands Southeast Asia presence with proposed acquisition

Founder Group (FGL) announce its proposed acquisition of a majority stake in VES 1 Joint Stock Company, a subsidiary of VES Joint Stock Company. VES is a pioneer in renewable energy in Vietnam, specializing in solar and wind power solutions, while VES1 focuses on developing solar energy projects across the country. Under the terms of the proposed acquisition, Founder Group will acquire approximately 80% of the shares in VES1. VES1 is actively involved in several solar energy projects in Vietnam. Phase 1 includes solar rooftop projects with a combined capacity of 5.6MWp. Under the PPA secured by VES1, VES1 shall have a first right of refusal for in the case that the off-taker wishes to expand the solar capacity at the particular site.