Risen Energy raises $403 million for PV projects

China’s Risen Energy has raised CNY 2.5 billion ($403 million) as part of a private placement plan.

The company issued 293 million non-public shares valued at the price of CNY 8.53 each, raising CNY 2.5 billion in total. Risen said it would use the capital to invest in 279 MW of centralized grid-connected solar projects, including installations in the city of Ningbo and the province of Inner Mongolia as well as in Mexico. The company is also investing in 100 MW of distributed generation projects in the provinces of Zhejiang, Jiangsu, Shanxi and Henan.

Risen reported that its solar project pipeline for the current year had increased more than 800 MW, with total investment of more than CNY 6 billion. The group added that the private replacement plan was one of the steps towards achieving its goal of installing a total of 1 GW of projects.

Risen reported sales of CNY 2.95 billion last year, a 36% increase over 2013, net profit of CNY 66.9 million and increasing sales both domestically and overseas.