The Malaysian government has approved a MYR-42.2-billion (USD 10.1bn/EUR 8.49bn) investment plan by China’s Risen Energy Co Ltd (SHE:300118) to build a mega factory for the production of photovoltaic (PV) cells and modules, it was announced on Thursday.
The Chinese solar module producer has secured a manufacturer’s licence under the country’s national economic recovery plan, enabling it to design, develop and produce PV cells and modules through its local arm Risen Solar Technology Sdn Bhd. Its proposed 15-year investment plan covers the period 2021-2035, the Malaysian government said.
The new facility will be installed within the Kulim Hi-tech industrial park in Kulim District, in the northwestern state of Kedah. It is set to reach 3 GW of annual production capacity in the first five years, with commercial operations to be launched in the first quarter of 2022.
Risen Energy’s plan also envisages collaboration with local universities for research and development (R&D) purposes.
Roughly 3,000 jobs are expected to be created through the project.
Malaysia is already home to production bases owned by some of the world’s largest PV producers, including JinkoSolar, Longi Solar, Hanwha Q Cell and First Solar.
(MYR 1.0 = USD 0.240/EUR 4.971)
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