Major China-based PV module manufacturer Risen Energy has recently signed a framework agreement to build and operate a 5GW monocrystalline cell and module plant in Changzhou City, Jiangsu Province, China.
According to financial filings, Risen will partner in a Joint Venture with Changzhou Xixi Modern Agricultural Development Co as designated by the local Jintan District government in a project expected to require approximately RMB 2.5 billion (US$383 million).
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The JV framework agreement calls for Risen to provide RMB 1.5 billion (60% stake) and its partner RMB 1.0 billion (40% stake) towards establishing the new manufacturing facilities.
Risen also noted in a separate press release that total capital expenditures for the JV to reach the 5GW nameplate capacity of both cells and modules, as well as R&D activities would be approximately RMB 8.0 billion (US$1.23 billion).
The new manufacturing base was expected to be Risen’s most advanced, producing leading-edge high-efficiency products by 2020 and provide the development of both upstream manufacturing clustering and downstream industries including project development in the region.