KUALA LUMPUR: Chinese solar energy firm Risen Energy Co Ltd will invest RM42.2 billion over 15 years in a new production facility in Malaysia to manufacture high-efficiency photovoltaic modules.
The new facility in Kulim Hi-Tech Park, Kedah would be Risen Energy's first investment in Southeast Asia, International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said in a statement today.
It was expected to be completed by the year-end and begin commercial activities by the first quarter of 2022, added Azmin, who is also a Senior Minister.
The new facility would contribute an annual production capacity of three gigawatt (3GW) of high efficiency photovoltaic modules for the first five years to meet growing global demand, he said.
Risen Energy was founded in 1986 and is one of the pioneering solar companies in the world, with a revenue of around US$2 billion (about RM8.32 billion) in 2020, and has exported solar products to more than 100 countries.
Prime Minister Tan Sri Muhyiddin Yassin said Risen Energy's investment represented a key win for Malaysia in proving its efforts to remain as the preferred investment location with a favourable environment for high quality investments in Asia.
"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," he said during a video conferencing with Risen Energy chairman and president Xie Jian.
Malaysia is already home to production bases owned by some of the world's largest PV producers such as JinkoSolar, Longi Solar, Hanwha Q Cell and First Solar.
Xie said the competitive advantages of Malaysia's investment environment were mainly reflected in tlits strategic location in the core area of Southeast Asia, solid economic foundation and good economic growth prospects.
"Further, Malaysia has abundant raw materials, high quality of human resources and harmonious ethnic relations whereby people get along well.
"Most importantly, 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," he added.