Risen Energy has signed a financing agreement with the European Bank for Reconstruction and Development (EBRD) for the development of a 40MW solar photovoltaic power project in Kazakhstan.
Under the agreement, the financing program will provide three loans: $22m converted at Kazakhstan local exchange rate, $5.8m from the Clean Energy Technology Fund and $4.2m from the Green Climate Fund.
Risen Energy is a leading China-based PV solutions provider that trades as an A-share on China’s Shenzhen Stock Exchange. The firm has developed and delivered thousands of projects worldwide, with many of them widely distributed throughout the countries and regions targeted by the Chinese government’s ‘One Belt, One Road’ initiative, among them, Belarus, Bulgaria, Cambodia, the Czech Republic, India, Indonesia, Kazakhstan, Macedonia, Nepal, Romania and Ukraine.
In April of this year, Risen Energy was named general contractor under an engineering, procurement and construction (EPC) contract whereby the company commenced the build-out of a 25MW solar PV power station in Nuwakot, Nepal. Upon completion, the facility is expected to become the first large-scale ground-mounted PV station in the country.
In addition to being responsible for the design, procurement, construction, commissioning and other engineering services of the station, Risen Energy will contribute high-efficiency 275W solar modules, known for their reliability and cost-effectiveness, to the project. The facility is scheduled to be put into operation by the end of this year, at which point it will be connected to the state grid and provide clean electricity to Kathmandu Valley during the daytime.
In addition, Australia, the world’s largest household energy storage market, is also an important marketplace for speeding up Risen Energy’s globalization efforts. Construction of the 121MW Yarranlea photovoltaic power station, which was wholly acquired by Risen Energy in May 2018, has begun. The company will provide a comprehensive ‘one-stop shop’ suite of services for the project, including engineering design, construction, module delivery, operations and maintenance.
Barring any unforeseen delays, the project is expected to be completed at the end of March, 2019. At that time, the power generated by the plant will be incorporated into Australia’s national electricity market (NEM) and made available to the city of Toowoomba and the neighboring Darling Downs region in southern Queensland. The project is expected to have an annual capacity of 264GWh.
Alongside the expansion roadmap into overseas markets, Risen Energy also rolled out what it has internally dubbed the ‘Two New’ strategy, which calls for a continued focus on development in the new energy and new material fields, and the build out of a business portfolio encompassing battery modules, energy storage and new materials. In the new energy area, the focus will be on reaching grid parity in all markets where the company has an interest, with the twin goals of delivering power to clients at a cost at par with or even below the going rate for electricity from conventional sources and of promoting the sustainable development of the new energy sector. In terms of technology, Risen Energy plans to put its efforts into raising the efficiency and reliability of its products while lowering costs, in an effort to improve the performance of its battery modules, optimize the structure of its battery components, enhance product quality and eliminate outdated capacity.
Source: Company Press Release