Risen Energy Initiates Ten Billion-Yuan Capacity Expansion Plan

NINGBO, China, March 12, 2018 /PR Newswire/ -- In response to the massive growth taking place across the PV sector, on December 5, 2017, A-share market-listed PV module producer and China industry leader Risen Energy Co., Ltd. announced that the company has signed an agreement with the government of Jintan district, Changzhou, Jiangsu province, to invest 8 billion yuan in building 5GW solar cell and 5GW PV module manufacturing facilities in the area. On February 22, the company announced that it signed a framework agreement with Yiwu Information and Optoelectronics High-Tech Industrial Park on an investment in a 5GW solar cell module manufacturing base. Along with a 200 million-yuan, 30,000-ton PPE modification and PV module production line in Ruicheng, Shanxi province, Risen Energy's total investment has exceeded 10 billion yuan.

PV module makers are realizing they need to rapidly improve their technologies and equipment capacity. Their steady growth gave impetus to the accelerated capacity expansion. Risen Energy's recently announced 2017 performance forecast shows revenue for the fiscal year is expected to break the 10 billion-yuan mark, while net profit attributable to shareholders (excluding non-recurring gains and losses) is in the 645-705 million yuan range, up 25.5-37.19%.

Risen Energy has begun pushing ahead with its capacity expansion plan, while maximizing control of underlying risks. The firm plans to bring together a team of qualified professionals, build high-profile technology research centers, strengthen collaborative efforts between Chinese and foreign experts, develop and master new processes, apply new technologies and develop new products, manage intellectual property rights, while constantly enhancing core competitiveness to address various technical risks.

"Among many boats vying to overtake one another, only the most hard-working one can be the winner," said Risen Energy president Wang Hong. "In a period that is key to us in our move to accelerate our industrial transformation, we must increase our investment in R&D, continuously improve the cost performance of our products, strengthen cost controls, further differentiate our products, and provide customers with value-added services, to maintain our products' competitive advantage. At the same time, we must always be prepared, and actively explore new markets, to, in our role as one of China's leading industry player, contribute to the optimization of the structure of the entire sector at a global level."

SOURCE Risen Energy Co., Ltd