China-based PV module manufacturer and project developer Risen Energy Co has reported a 98% increase in revenue for the third quarter of 2015, driven by strong domestic demand.
The company reported an operating income of approximately US$206.5 million and a profit of approximately US$31.1 million in the third quarter of 2015, a 10,122.17% increase from the previous year period.
The company had first half year sales of around US$254.5 million.
The strong increase in sales was said to have been driven by the current support for Chinese government PV installation targets of around 20GW in 2015.
The company also noted growth was due to emerging PV markets and sales of EVA encapsulants of a subsidiary and that the PV industry had entered into a new growth cycle.
Risen noted a recent contract signed worth approximately US$183 million with Wing Tai Investment Holdings for PV modules to be used in projects.
Risen said that it was “in a stage of rapid development.”