China-based PV manufacturer has reported an 84.76% increase in revenue for the first half of 2015 on the back of strong domestic demand and a focus on overseas emerging markets.
Risen Energy reported first half 2015 revenue of RMB1.6 billion (US$260.2 million), compared to US$140.8 million in the prior year period. Profit was RMB138.4 million (US22.2 million), up 822.07% from the prior year period.
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According to the company the reason for the increase and return to profitability was due to strong demand from a major switch to targeting EPC and project developers in China and supporting customers in overseas emerging markets. The company noted that its top five customers in the first half of the year had changed significantly from the previous period.
Risen Energy said that its solar production capacity stood at 900MW at the end of the reporting period, while module production stood at 1,600MW.
Multicrystalline solar cell conversion efficiencies were said to have reached 18.25% and modules had reached 280W class.
The company recently announced it would co-develop and finance an 118MW PV power plant in the Ramnad district, State of Tamilnadu, India with Rassi Green Earth Energy (RGEE), part of diversified company, Raasi Group.