The group will simultaneously drop its current listing in Hong Kong as China Power New Energy Development (CPNED). It will continue to build and operate solar projects, in addition to wind, natural gas and hydropower installations. CP Clean Energy was incorporated as a limited liability entity in Hong Kong in May.
CPNED recorded a profit of 404.5 million yuan ($59.5 million) in 2016, from just 108.2 million yuan a year earlier. Revenue jumped 96.56% from 2015 to 4.7 billion yuan in the year to the end of December.
Its installed PV capacity stood at 253.2 MW by the end of 2016, with annual power generation from its solar projects rising 59.5% year on year to 279.2 GWh. Roughly 7.6% of the electricity generated from its PV installations was curtailed from the grid in 2016, which it described as an “improvement” from the preceding year.
However, solar only accounted for 2.7% of the 10,163.7 GWh of the electricity that the group generated in 2016, up 73.9% from the preceding year. In the first quarter of 2017, total generation fell 2.62% on the year to 1,911.3 GWh.
CPNED’s bigger operational PV projects in China include a 35.8 MW array in Zhangpu county, Fujian province, and a 34.32 MW installation near the city of Panzhihua, Sichuan province. The group had 86.6 MW of additional solar capacity under construction at four sites at the end of 2016.