Hareon's net profit falls 9.5% in January-September period

Its operating income rose 4.26% year on year to 3.79 billion yuan, according to a statement to the Shanghai Stock Exchange (SSE).

The company — based in Jiangyin, Jiangsu province — continues to invest in downstream expansion in China and other foreign markets.

It reported 220.49 MW of operational PV assets in China, including a 70 MW project in the remote Xinjiang region, as well as two 50 MW installations in Gansu and Yunnan provinces.

It also posted data from 165.25 MW of operational solar projects outside of China, including 90.68 MW of capacity in Bulgaria, 59.10 MW in Romania, 13.08 MW in Italy and 2.39 MW in Japan.

In July, a wholly owned group unit of Hareon agreed to invest $40 million in the development of 160 MW of solar capacity in India, in cooperation with Keshav Power Private Limited (KPL).

The deal was announced less than six months after United Photovoltaics dropped a $90 million lawsuit against Hareon over an unresolved agreement to develop 930 MW of solar capacity in China.

In August, Hareon revealed plans to invest 51 million yuan in a new PV generation subsidiary and a construction business, in addition to another 10 million yuan investment in a solar R&D facility in Wuxi, in China’s Jiangsu province.