Risen Energy announced on May 9 that one of its subsidiaries has signed a long-term supply agreement with a sub-subsidiary of Shuangliang Eco-Energy. Under the agreement, Risen will procure 1.572 billion pieces of wafers from Shuangliang during the period from May 2022 to the end of 2024. While the total quantity is set, Risen can request different wafer sizes in accordance with its needs. This announcement was first reported by Chinese news outlets.
According the specific terms of the agreement, Risen will procure 72 million pieces in 2022, 600 million pieces in 2023, and 900 million pieces in 2024. Shuangliang will have to confirm the actual shipment quantity for 2023 by the fourth quarter of 2022. As for the actual quantity for 2024, Shuangliang will have to confirm the figure by the fourth quarter of 2023. Moreover, the quantity for a given year must not be less than the quantity of the preceding year. Both parties have formally signed supplementary agreements as well, and the total value of this transaction is estimated at RMB 14.227 billion.