GCL New expects H1 profit on 1 GW of capacity

Cumulatively, the Chinese PV group had installed 5.05 GW of solar by the end of June, up 85.1% year on year, with roughly 4.14 GW connected to the grid, according to unaudited preliminary results. The total included 87 MW of capacity in unspecified overseas markets.

It built 63 new projects in the 12 months to June 30, 2017. Sales of electricity from its operational solar installations hit 2,355 million kWh n the January-June period, from just 1,140 million kWh in the first six months of 2016, according to a statement to the Hong Kong stock exchange.

Earlier this year, the Shenzhen stock exchange approved a plan by Suzhou GCL New Energy Investment — a unit of GCL New Energy — to issue $254 million of green bonds. If it goes ahead with the proposal, it plans to use the proceeds to fund the development of renewables projects.