Risen Energy, China General Unit to Develop Solar ProjectsBloomberg News
Risen Energy Co., a Chinese maker of solar panels, plans to develop 100 megawatts of power projects with a unit of China General Nuclear Power Group.
The solar farms will be build in China’s Ningbo city and Hubei and Jiangxi provinces, Risen said yesterday in a statement to the Shenzhen stock exchange. Financial terms weren’t given.
CGN Solar Energy Development Co., a unit of China General Nuclear Power, will hold an 80 percent stake in the projects with the remainder owned by Risen. The cooperation will boost sales and may be “positive” to earnings, Risen said.
China’s solar-component producers have been actively planning power projects after weaker demand and an oversupply cut profits. The nation pays 1 yuan (16 U.S. cents) a kilowatt-hour for power generated from the solar farms, according to preferential prices set in 2011.
— With assistance by Feifei Shen