Chinese solar module maker Risen Energy Co Ltd (SHE:300118) said Friday it had secured CNY 2.5 billion (USD 406.6m/EUR 370.5m) in funds for 379 MW of photovoltaic (PV) projects.
In a press release, the company stated that it has obtained the amount through a private placement. The company issued 293 million shares of non public stock priced at CNY 8.53 apiece.
The money will be invested in 279 MW of grid-connected solar power plants in China and Mexico, and in 100 MW of distributed generation solar schemes in China’s Zhejiang, Jiangsu, Shanxi and Henan provinces.
Risen Energy has reached a pipeline for PV projects of over 800 MW, representing an investment of over CNY 6 billion. This private replacement supports the Chinese firm’s 1-GW solar goal.
In 2014 the company’s revenue rose by 36.44% to CNY 2.95 billion and net profit climbed to CNY 67 million.
Published with permission from the original article By Lucas Morais of SeeNews Renewables.