VCI Global Limited (NASDAQ:VCIG) shares surged after it announced plans to develop and acquire 100 MW of solar PV projects across Southeast Asia and Europe over five years, aiming to generate $200 million in revenue over two decades.
The company will source 70% of the 100 MW from Malaysia, leveraging the Corporate Renewable Energy Supply Scheme (CRESS) to power its data center, boosting energy independence and sustainability.
With data centers projected to consume 16% of U.S. power by 2030, solar energy combined with battery storage offers a sustainable solution that aligns with global renewable goals. This initiative enhances VCI Global’s strategy to integrate clean energy into its operations and growth plans.
In parallel, VCI Global plans to seek to acquire solar farms in Eastern and Southeastern Europe, targeting 30 MW of solar capacity in these expanding markets.
The company expects the total investment required for these solar initiatives to be $50 million over five years, with an expected annual revenue of approximately $10 million over the next 20 years.
“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,” stated Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global.
Recently, VCI Global received a conditional letter of award valued at approximately $24 million for its proposed data center project in Enstek City, Malaysia.
Price Action: VCIG shares are trading higher by 26.7% at $2.04 at the last check Friday.
Photo via Shutterstock.
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This article VCI Global Bets Big On Solar: $50 Million Investment Targets 100 MW Across Asia and Europe originally appeared on Benzinga.com
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