Risen Energy Co. Ltd. to invest RM42.2 bil. in photovoltaic industry in Malaysia –Minister Azmin

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PUTRAJAYA JUNE 24: With a projection of RM42.2 billion investment, Risen Energy Co. Ltd from China has selected Malaysia as their first production facility in Southeast Asia to produce 3GW of high efficiency photovoltaic modules to meet the growing global demand.

Senior Minister and Minister of International Trade and Industry (MITI) Datuk Seri Mohamed Azmin Mohd. Ali said, the investment includes capex and operational expenditure over 15 years to undertake design and development activity, and manufacturing of solar cells and solar modules.

“The facility’s construction at Kulim High Tech Park will be completed by the end of this year, while commercial activities are expected to begin in Q1 2022. This new facility will contribute an annual production capacity of 3GW for the first five years,” Azmin said in a statement here today.

The Senior Minister added, the company from China to decide investing in Malaysia was made via a video conference between Mr. Xie Jian, Chairman of the Board and President of Risen Energy with Prime Minister Tan Sri Muhyiddin Mohd Yassin this morning.

Muhyiddin has noted its significant contribution of creating over 3,000 employment opportunities, with 800 managerial, technical and supervisory positions, including 500 engineers.

Referring to the project as an investment approved under the PENJANA Incentive Scheme to support the expansion of international investment projects in Malaysia, the Prime Minister said, this represents a key win for Malaysia in proving our efforts to remain as the preferred investment quality investments in Asia.”

The Prime Minister added that the investment of Risen Energy will further solidify Malaysia’s role in the global photovoltaic industry and is in line with our National Investment Aspirations framework which contains the elements of high value added, high technology, knowledge and capital intensive, skills-intensive and high income jobs.

Meanwhile Mr. Xie Jian in his remarks said, the competitive advantages of Malaysia’s investment environment are mainly reflected in the following aspects: strategic location in the core area of Southeast Asia, solid economic foundation and good economic growth prospects.

Further he said, Malaysia has abundant raw materials, high quality of human resources and harmonious ethnic relations whereby people get along well. The most important is the strong support and service from the state and local governments.

“Risen Energy has clearly shown confidence in Malaysia as an investment destination of choice even as the world faces the challenges of the COVID-19 pandemic. With the strong support from you, we will continue our commitment to Malaysia in the future,” he added.

On the other hand, Azmin said, this massive investment clearly demonstrates strong confidence in the current administration and the country’s political stability that is crucial in providing a conducive climate for the growth and expansion of investments and businesses.

“To tap on the enhanced employment opportunities created, MIDA has started working with the company for specific talent development programmes to ensure a sustainable local talent pool to meet the demands of this global solar player.

“Risen Energy’s project in Malaysia will also benefit local businesses, particularly SMEs, and provide opportunities for them to become part of the global value chain. The multiplier effects will ensure positive social results and add value to the economy as a whole,” he said.

Risen Energy was founded in 1986 and successfully listed as a public company in 2010. It is one of the leading solar companies in the world with revenue of around USD2 billion in 2020 and has exported solar products to more than 100 countries and regions in Europe, America, South Africa and Southeast Asia. –Malaysia World News

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