CGN New Energy’s profit narrows in 2016

The Chinese independent power producer’s profit attributable to shareholders plunged 23.5% year on year to $79.5 million, as revenue slid 6.7% to $1.07 billion in the 12 months to the end of December.

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Its operating profit expanded by 11.6% from the same period a year earlier to $177.4 million, largely due to revenue from its solar and wind projects.

Full-year revenue from its solar projects jumped to $36 million, from $14.5 million in the 12 months to the end of December 2015.

However, it switched on just 18 MW of new solar capacity in 2016, according to a statement to the Hong Kong stock exchange.

Its total installed PV capacity reached 199 MW at the end of 2016, out of a total renewable generation portfolio of 3.2 GW.

Clean energy installations — including solar, wind, hydropower and fuel cell projects — accounted for 64.5% of its total attributable installed capacity at the end of December.

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Its biggest solar project to achieve grid connection in 2016 was a 15 MW installation in Dezhou, Shandong province.

CGN New Energy’s largest PV project to date is the 100 MW Xitieshan Solar Park in northwest China’s remote Qinghai province. It built the project in three phases from 2010 to 2011.

The company, a unit of state-owned energy giant China General Nuclear Power, operates a diversified range of conventional and renewable generation projects.

Gas-fired plants accounted for the largest share of its 2016 revenues, at $660.4 million.

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