Govt approves RM42 billion solar module manufacturing investment

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 modules in Malaysia for Risen Energy Co Ltd with a total investment of RM42.2 billion.

Prime Minister Muhyiddin Yassin said the investment, through Solar Risen Technology Sdn Bhd, for a period of five years from 2021 to 2025, is expected to generate 3,000 jobs.

“Besides that, the company will collaborate with local universities and institutions in conducting research and development, including internships,” he said in a Facebook post today after a virtual meeting with Risen Energy chairman and president Xie Jian.

The meeting was also attended by International Trade and Industry Minister Mohamed Azmin Ali and Malaysian Investment Development Authority CEO Arham Abdul Rahman.

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

Currently, he said, there are several global solar manufacturers operating in Malaysia including Jinko Solar, Longi Solar, JA Solar, Hanwha Q Cell, First Solar and Sun Power.

“The investment from Risen Energy is a great success for the country and shows Malaysia’s economic management capability at a time when the world is struggling with the challenges of the Covid-19 pandemic,” he said.

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