The project is expected to annually generate about 35.5 GWh of electricity, according to a statement to the Hong Kong stock exchange. By the end of 2016, the group had 51 MW of solar capacity in operation at two sites in Hebei province. The two projects generated roughly 57.4 GWh of electricity last year.
Kong Sun’s largest market in China is the remote Xinjiang region, where it was operating 240 MW of solar at 11 locations by the end of 2016. This was followed by Shaanxi province, where it had 230 MW connected to the grid at five locations. It had an additional 360 MW in development in Shaanxi by the end of December.
From January to May of this year, its installations in Shaanxi alone generated about 123 GWh of electricity. Total nationwide generation over the same period reached 522.7 GWh, up from 273.3 GWh hours in the first five months of 2016.
Kong Sun’s total installed solar capacity in China reached approximately 1.2 GW at the end of May, from about 1.15 GW at the end of 2016. It passed the 1 GW mark in the fourth quarter of last year, after connecting about 200 MW of capacity to the grid in the second half of 2016. Its total installed capacity stood at just 469.5 MW at the end of 2015, underscoring the rapid growth of its business throughout the course of last year.
The group started investing in PV projects in 2014, after shifting its core business focus away from property investment. Aside from a 20 MW solar array in China’s Xinjiang region — in which it has a 95% stake — it owns and operates all of its PV projects in China on its own.
It posted a profit of 54.8 million yuan ($7.96 million) in 2016, from a loss of roughly 98.9 million yuan in the preceding year. The group derives most of its revenue from sales of PV-generated electricity, although it also continues to draw some income from sales of artificial plants.
Earlier this month, a subsidiary of Kong Sun revealed that it had purchased 100 MW of solar capacity at three locations in northwestern China for approximately $80.3 million. One of those projects — a 30 MW solar array in Shaanxi province — is already connected to the grid. The other two installations — a 50 MW array and a 20 MW project, both in Gansu province — are still under development.