Risen Energy to invest $1.58 billion to expand Chinese production facilities

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In February, the company signed a framework agreement with Yiwu Information and Optoelectronics High-Tech Industrial Park to invest in a 5 GW solar cell and module production facility, according to an online statement released this week.

It also has revealed plans to spend CNY 200 million on a 30,000-ton PPE modification and PV module production line in Ruicheng, Shanxi province.

“PV module makers are realizing they need to rapidly improve their technologies and equipment capacity,” Risen Energy said, vowing to invest in R&D and the development of new products.

In December, it also announced plans to invest CNY 8 billion to set up 5 GW solar cell production capacity, as well as 5 GW of PV module capacity, in Jintan district, Changzhou, Jiangsu province. These investments have brought its total spending commitments over the past few months to more than CNY 10 billion.

The Chinese solar panel supplier expects to post revenue of more than CNY 10 billion in the current fiscal year. It said it will likely record a net profit attributable to shareholders of CNY 645 million to CNY 705 million yuan, up about 25.5% to 37.19% year on year.

The Ningbo-based company has a presence in a number of markets outside of China, including Japan. In February, it bought the rights to develop 120 MW in the Australian state of Queensland. Last September, it revealed plans to supply its 260 W multicrystalline modules, in addition to other components, to a 3.9 MW solar array in Cuba. And last April, it signed a 175 MW PV module supply agreement with India’s Mytrah Energy.