The fifth largest solar cell manufacturer in the world, Risen Energy Co Ltd of China, is set to expand its operations into Malaysia soon, Prime Minister Muhyiddin Yassin said today.
In a statement on his Facebook page, Muhyiddin said the company’s factory licence and incentives for the development and manufacture of solar cell and solar modules in Malaysia have been granted, with a total investment of RM42.2 billion.
The approval was made as part of incentives for foreign investors under the Penjana economic stimulus package.
Muhyiddin said the investment through Risen Solar Technology Sdn Bhd for a period of fifteen years from 2021 until 2035 is expected to create 3,000 jobs for Malaysians.
“The company will also form collaborations with universities and local institutions in carrying out research and development (R&D) including taking in students for internships.”
His statement comes after a virtual meeting with director and president of Risen Energy Co Ltd, Xie Jian. Others in the meeting included international trade and industry minister Azmin Ali and chief executive officer of the Malaysian Investment Development Authority (Mida) Arham Abdul Rahman.
“I am confident that Risen Solar’s presence in the country will make Malaysia an integrated manufacturing hub for solar products,” Muhyiddin said.
He added that the new investment can be seen as a great success for the country, showcasing Malaysia’s sound economic management while the world continues to struggle with economic headwinds from the Covid-19 pandemic.
At the moment, other global solar companies with local operations include Jinko Solar, LONGi Solar, JA Solar, Hanwha Q Cells, First Solar and Sun Power.
Originally published at Free Malaysia today