VCI Global Targets US$200 Million Revenue with 100 MW of Solar Photovoltaic Projects in Southeast Asia and Europe

KUALA LUMPUR, Malaysia, Dec. 13, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), is setting a target to develop and acquire up to 100 megawatts (MW) of solar photovoltaic (PV) projects across Southeast Asia (SEA) and Europe within the next five years. This expansion is expected to generate approximately US$200 million in revenue over the next 20 years and significantly contribute to VCI Global’s long-term growth.

As part of this initiative, VCI Global plans to source at least 70% of the 100 MW from projects in Malaysia, leveraging key government programs such as the Corporate Renewable Energy Supply Scheme (CRESS). CRESS allows businesses to directly purchase green electricity from renewable energy developers. Through this initiative, VCI Global will supply renewable energy directly to its data center, further enhancing its energy independence while advancing its sustainability goals.

According to Solar Insure, by 2030, data centers are projected to account for 16% of the total U.S. power consumption, a significant rise from just 2.5% a decade ago. This trend highlights solar power as a leading alternative. Combined with advanced battery storage, solar power can provide nearly continuous energy to AI data centers, reducing dependence on grid electricity and fossil fuels. These initiatives will not only contribute to national renewable energy targets but also align with VCI Global’s long-term growth and strategic vision.

In parallel, VCI Global will seek to acquire solar farms in Eastern and Southeastern Europe, targeting 30 MW of solar capacity in these expanding markets. This international expansion supports the Company’s strategy to capitalize on the increasing global demand for clean energy while strengthening its renewable energy portfolio.

The total investment required for these solar initiatives is projected to be US$50 million over five years, with an expected annual revenue of approximately US$10 million over the next 20 years. This sustainable growth strategy will provide long-term, stable returns, reinforcing VCI Global’s commitment to clean energy and delivering value to shareholders.

“In 2025, renewables will become the largest source of electricity generation. By 2028, renewable energy sources will account for over 42% of global electricity generation, with the share of wind and solar PV doubling to 25%. At the same time, the explosive growth of AI has created an unprecedented demand for power. We view solar energy as one of the most promising renewable energy sources and wish to fully capitalize on this opportunity to meet the growing clean energy demand of AI and the world,” 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.

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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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