Daily Express Subscriber
Sign in to your account.

Kuala Lumpur: The government has approved a manufacturer’s licence and incentives under the National Economic Recovery Plan (Penjana) for the design, development and manufacturing of solar cells and solar modules in Malaysia for Risen Energy Co Ltd with a total investment of RM42.2 billion.

Prime Minister Tan Sri Muhyiddin Yassin (pic) said the investment through Risen Solar Technology Sdn Bhd for a period of 15 years from 2021 to 2035 is expected to generate 3,000 jobs for Malaysians.

“Besides that, the company will collaborate with local universities/ institutions in conducting research and development (R&D) activities including internships,” he said in a post on his official Facebook page.

He said this after a virtual meeting with Risen Energy chairman and president Xie Jian, which was also attended by Senior Minister-cum-Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali and Malaysian Investment Development Authority (Mida) chief executive officer Arham Abdul Rahman.

Muhyiddin said the presence of Risen Solar would make Malaysia an integrated production hub for solar products.

He said currently there are several global solar manufacturers such as Jinko Solar, Longi Solar, JA Solar, Hanwha Q Cell, First Solar and Sun Power operating in Malaysia.

“The investment from Risen Energy is a great success for the country as well as showing Malaysia’s economic management capability at a time when the world is struggling with the challenge of the Covid-19 pandemic.

“This trend of continued inflow of high-impact foreign investment will certainly inject more confidence among the foreign investor community on the prospects of Malaysia’s economic recovery in line with the aspirations of the National Recovery Plan which will definitely bring great benefits to the community in terms of employment opportunities and income generation,” he added.

Meanwhile, Mohamed Azmin said in a statement that the investment amount by Risen Energy includes capital expenditure and operational expenditure over 15 years.

He said Risen Energy announced its first investment in Southeast Asia by opening its latest production base in Kulim High Tech Park, Kedah to produce 3GW of high-efficiency photovoltaic modules to meet growing global demand in response to the strong support and facilitation provided by the Malaysian government.

“The facility’s construction at Kulim High Tech Park will be completed by the end of this year, while commercial activities are expected to begin in the first quarter of 2022.

“This new facility will contribute an annual production capacity of 3GW for the first five years,” he added. Mohamed Azmin said this massive investment indeed clearly demonstrates strong confidence in the current administration and the country’s political stability that is crucial in providing a conducive climate for the growth and expansion of investments and businesses.

“To tap on the enhanced employment opportunities created, Mida has started working with the company for specific talent development programmes to ensure a sustainable local talent pool to meet the demands of this global solar player.

“Risen Energy’s project in Malaysia will also benefit local businesses, particularly small and medium enterprises and provide opportunities for them to become part of the global value chain,” he said.