Chinese solar module maker Risen Energy Co Ltd (SHE:300118) said Friday it had secured CNY 2.5 billion (USD 406.6m/EUR 370.5m) in funds for 379 MW of photovoltaic (PV) projects.

Risen Energy Co., Ltd released the news of a private placement plan. At the target price 8.53 RMB/share issued non public stock for 293 million shares and successfully collected 2.5 billion RMB.

Developing the solar projects is a priority of Risen Energy. This private placement plan will invest in 279MW centralized grid-connected solar projects, including Ningbo, inner Mongolia, and Mexico, and 100MW distributed generated solar projects, which are covered in Zhejiang, Jiangsu, Shanxi, Henan provinces.

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Risen Energy has been working in the solar industry since established. With China government’s favorable policy, Risen seizes the chances in domestic markets and the goal is to become the leading solar projects enterprise with high market share. It was reported, their pipeline for solar projects in 2015 has increased more than 800MW, total investment will be over 6 billion RMB. The private replacement plan is one of the steps for the goal of total installation projects to 1GW.

The 2014 annual reports tell company’s sales revenue reaches 2,952,192,300 RMB, increased 36.44% compared to the last year, and net income increased to 66.9472 million RMB. Also the oversea sales plus domestic markets sales both growth rapidly, especially the sales in domestic markets would increase faster than expected.

Risen Energy will keep focusing on the solar & renewable industry. Being a public trading company, Risen Energy will use its resources to achieve hundreds of billions of dollars in sales of Risen products around the world.

SOURCE Risen Energy Co., Ltd