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KUALA LUMPUR – The government has approved a manufacturer’s licence and incentives under the National Economic Recovery Plan for the design, development, and manufacturing of solar cells and solar modules in Malaysia for Risen Energy Co Ltd with a total investment of RM42.2 billion.
Prime Minister Tan Sri Muhyiddin Yassin said the investment through Risen Solar Technology Sdn Bhd for a period of five years from 2021 to 2025 is expected to generate 3,000 jobs for Malaysians.
“Besides that, the company will collaborate with local universities/institutions in conducting research and development activities, including internships,” he said in a post on his official Facebook page today, after a virtual meeting with Risen Energy chairman and president Xie Jian, which also saw the participation of International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali and Malaysian Investment Development Authority chief executive Arham Abdul Rahman.
Muhyiddin said the presence of Risen Solar will make Malaysia an integrated production hub for solar products.
There are several global solar manufacturers, such as Jinko Solar, Longi Solar, JA Solar, Hanwha Q Cell, First Solar and Sun Power, operating in Malaysia at present, he said.
“The investment from Risen Energy is a great success for the country, and shows Malaysia’s economic management capability at a time when the world is struggling with the challenges posed by the Covid-19 pandemic.
“This trend of continued inflow of high-impact foreign investment will certainly boost the confidence of foreign investors in the prospects of Malaysia’s economic recovery, in line with the aspirations of the National Recovery Plan, which will bring great benefits to the community in terms of employment opportunities and income generation.”
Azmin in a statement said Risen Energy’s investment amount includes capital expenditure and operational expenditure over 15 years.
He said Risen Energy announced its first investment in Southeast Asia by opening its latest production base at the Kulim Hi-Tech Park in Kedah, producing 3GW of high-efficiency photovoltaic modules to meet growing global demand in response to the strong support and facilitation provided by Putrajaya.
“The facility’s construction will be completed by the end of this year, while commercial activities are expected to begin in the first quarter of 2022.
“The new facility will contribute an annual production capacity of 3GW for the first five years.” – Bernama, June 24, 2021
