KUALA LUMPUR, Malaysia, Dec. 19, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), has signed a term sheet to acquire a solar farm with an estimated capacity of 1.14 megawatts (MW), located in Novo Selo, North Macedonia. The acquisition is valued at approximately US$1.26 million (or approximately €1.2 million) and is subject to due diligence and the signing of a definitive agreement.

The bifacial solar farm, equipped with Huawei Technology inverters, achieves a high system performance ratio of over 90%, meaning it operates at more than 90% of its theoretical maximum output despite external factors. These inverters efficiently convert the direct current (DC) electricity generated by the solar panels into alternating current (AC) electricity, which is suitable for distribution through the national grid. The solar farm is connected to the national grid under a Power Purchase Agreement (PPA) with Mega Concept LLC Skopje, ensuring stable revenue streams based on HUPX pricing. In addition to income from energy sales, the project generates significant additional revenue through carbon credits, further boosting its profitability. With a projected payback period of approximately 9 years, the solar farm is expected to deliver strong financial returns throughout its 30-year operational lifespan.

Despite historically relying on lignite coal mining for approximately 30% of its electricity production and gas imports for an additional 15%, North Macedonia has set ambitious decarbonization goals. According to its National Energy and Climate Plan (NECP), the country aims to achieve a 38% share of renewables in final energy consumption by 2030 and 42% by 2040. By the end of 2023, North Macedonia had deployed 535 MW of solar capacity, a significant increase from 190 MW at the end of 2022, according to the International Renewable Energy Agency (IRENA).

This remarkable growth in the solar industry has been driven by abundant sunlight, progressive government policies to reduce coal dependency, and the country’s strategic position as a gateway between Southeast Europe and the European Union. VCI Global views this acquisition as a pivotal step toward entering the European renewable energy market.

VCI Global has engaged the consulting firm OTB Solutions Dooel Skopje in North Macedonia to identify and secure additional solar farm opportunities.

“This is the beginning of a series of solar farm acquisitions that VCIG will undertake and looking ahead for more acquisition opportunities across Southeast Asia and Europe. By targeting solar farms with strong grid connections and government support, we are building a sustainable asset portfolio,” said Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global.

About VCI Global Limited

VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity. In Capital Market Consultancy, we provide IPO solutions, investor relations (IR) and public relations (PR) consultancy, and M&A consultancy. Our Fintech arm offers a proprietary financing platform. In Real Estate, we offer specialized real estate consultancy services. The AI business delivers GPU servers, GPU cloud computing services, AI and large language model (LLM) solutions, while the Robotics segment focuses on post-harvest robotics systems. Our Cybersecurity segment provides comprehensive cybersecurity consultancy services and solutions. Committed to fostering innovation and delivering exceptional value, VCI Global has established a strong presence across the Asia-Pacific region, the United States, Europe, and the Middle East, driving growth and transformation on a global scale.

For more information on the Company, please log on to https://v-capital.co/. 

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This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (“SEC”). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

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