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.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has 8+ years of solar industry research, marketing, and content strategy experience.

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