(Yicai Global) Dec. 28 -- Risen Energy’s shares jumped after the Chinese solar energy pioneer announced a CNY44.65 billion (USD7 billion) investment in new-energy power plants and auxiliary raw material processing factories in northern China.

Risen Energy [SHE: 300118] finished up 5.1 percent today at CNY35 (USD5.50), after soaring more than 7.7 percent intraday. Stocks traded in Shenzhen rose 0.8 percent. Risen Energy’s shares have climbed 28 percent this year.

The ambitious project, which is aimed at promoting the low-carbon and eco-friendly production of raw materials in the industry chain, will be built in the city of Baotou, the Ningbo-based company said in a statement late yesterday. It will enhance the firm’s competitive advantage and profitability, Risen Energy said.

The solar and wind farms will be built and put into operation in phases, while the silicon-processing factories will be finished in four years, the firm added.

Risen Energy will invest CNY26.2 billion in the electricity-generation part of the project, which will include a 3.5 gigawatt solar plant, a 1.6 GW wind farm, a power grid and energy storage facilities.

It will spend CNY19.45 billion on the raw material facilities, which will turn out metallic silicon, high-purity polycrystalline silicon, high-purity monocrystalline silicon and solar battery parts. The factories will be powered by the project’s own plants.

Risen Energy said that the plants will be developed using the “appropriate holding and rolling planning” model that listed firms have adopted in the development process at home and abroad. The business models to be selected include Engineering Procurement Construction, shareholding and Build Operate Transfer.

Editor: Peter Thomas