In the second quarter, the developer — a subsidiary of Chinese state-owned utility Huaneng — finished building a 50 MW solar array in Shanxi province, as well as a 15 MW project in Jilin province, a 10 MW installation in Fujian province and a 16.13 MW plant in Zhejiang province. It held stakes in a number of other projects that were completed in the second quarter, including nearly 160 MW of solar capacity in Shandong province, according to a statement filed to the Hong Kong stock exchange.
HPI’s total power generation in China — including electricity produced by its solar, wind, hydro and coal-fired projects — hit 90,697 GWh in the second quarter, up 31% year on year. Total electricity sales also rose 31% on the year in the April-June period to 85,624 GWh, according to preliminary statistics.
In the first half of 2017, HPI’s total generation soared 27.8% year on year to 186,685 GWh, with total electricity sales rising 27.6% to 176,121 GWh. The company’s average on-grid electricity settlement price for its power plants in China rose 3.3% on the year in the first half to roughly $60.32/MWh. It partly attributed the year-on-year gains in total generation to its acquisition of power assets in Heilongjiang, Jilin and Shandong provinces.
HPI posted a net profit of 652 million yuan ($96.5 million) in the three months to the end of March, down 86.9% from the preceding year. Its full-year net profit fell 37.59% year on year in 2016 to 8.520 billion yuan. The company — which has owned Singapore-based power producer Tuas Power since 2008 — announced plans earlier this week to publicly issue 3.8 billion yuan of corporate bonds and 5 billion yuan of renewable corporate bonds, as part of efforts to shore up its working capital.