VCI Global Targets 100MW Solar Project Expansion to Power AI Data Centers

VCI Global targets 100MW solar project expansion in SEA, Europe By Investing.com

KUALA LUMPUR - VCI Global Limited (NASDAQ: VCIG), a diversified holding company currently valued at $17.66 million, announced plans to develop and acquire solar photovoltaic (PV) projects with a total capacity of up to 100 megawatts (MW) across Southeast Asia and Europe. The five-year initiative is expected to generate around US$200 million in revenue over two decades, according to a press release statement. InvestingPro data shows the company maintains impressive gross profit margins of 70.86% and has demonstrated strong revenue growth of 89.38% over the last twelve months. The company aims to source at least 70% of the solar capacity from Malaysia, capitalizing on the Corporate Renewable Energy Supply Scheme (CRESS), which allows businesses to directly purchase renewable energy. By supplying green electricity to its data centers, VCI Global aims to enhance energy independence and advance its sustainability goals. According to InvestingPro analysis, the company maintains a healthy financial position with a current ratio of 5.58, indicating strong ability to fund its expansion plans. InvestingPro subscribers have access to 15 additional key insights about VCIG's financial health and growth potential. In line with its strategic vision, VCI Global also intends to acquire solar farms in Eastern and Southeastern Europe, targeting 30 MW of capacity. The international expansion is part of the company's strategy to meet the increasing global demand for clean energy and strengthen its renewable energy portfolio. The total investment for these solar projects is projected to be US$50 million over the next five years, with an anticipated annual revenue of approximately US$10 million over the next 20 years. This investment aligns with VCI Global's commitment to clean energy and shareholder value. Solar Insure projects that by 2030, data centers could account for 16% of total U.S. power consumption, up from 2.5% a decade ago, underscoring the importance of alternative energy sources like solar power. With the growth of AI technology, the demand for power has surged, positioning solar energy as a key solution. VCI Global's Group Executive Chairman and CEO, Dato' Victor Hoo, stated, "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." The company, headquartered in Kuala Lumpur, operates in various sectors including Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity, with a presence across the Asia-Pacific region, the United States, Europe, and the Middle East. The press release also contains forward-looking statements subject to risks and uncertainties. These include the company's ability to achieve its ambitious growth plans and the impact of external factors such as economic conditions and the COVID-19 pandemic. While the stock has experienced significant volatility, trading at $1.61, InvestingPro's Fair Value analysis suggests the stock is currently undervalued. Detailed valuation metrics and comprehensive analysis are available in the Pro Research Report, part of the extensive coverage available for over 1,400 US equities on InvestingPro. In other recent news, VCI Global Limited has been making significant strides in its financial performance and business operations. The company recently secured a $24 million contract to provide AI hardware and software for a data center project in Malaysia, awarded by Hexatoff Group Sdn. Bhd. In addition, VCI Global's subsidiary, V-Gallant, won a $16 million contract to build an AI-enabled live streaming platform for a Malaysian e-commerce company. The company also announced the appointment of Victor Lee as its new executive director, bringing his 28 years of experience in the private equity sector to the company. These developments are part of VCI Global's ongoing growth and transformation journey. Furthermore, VCI Global concluded its At-The-Market equity offering program, managed by H.C. Wainwright & Co., raising approximately $1.77 million. This termination is expected to pave the way for the company to explore more advantageous financing alternatives aligned with its strategic growth plans. VCI Global also secured an $18 million contract to list four Malaysian companies on the Nasdaq stock exchange, a deal expected to generate revenues of $18 million over the next 14 months. The company has also completed a secondary listing on the Frankfurt Stock Exchange and announced a $10 million share buyback program. Finally, through its subsidiary V Gallant Sdn Bhd, VCI Global is now offering advanced AI computing solutions, integrating NVIDIA (NASDAQ:NVDA) H200 Tensor Core GPUs and AI software to enhance operational efficiency. These are the latest developments in VCI Global's ongoing growth and transformation journey.

VCI Global Targets US$200 Million Revenue with 100 MW of Solar Photovoltaic Projects in Southeast Asia and Europe - VCI Global (NASDAQ:VCIG)

KUALA LUMPUR, Malaysia, Dec. 13, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited 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. For more information on the Company, please log on to https://v-capital.co/. Cautionary Note Regarding Forward-Looking Statements 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. CONTACT INFORMATION: For media queries, please contact: Landon Capital [email protected] Market News and Data brought to you by Benzinga APIs