Huadian Fuxin posts $218 million profit in H1

The diversified energy developer’s total consolidated installed capacity — including solar, wind, coal-fired and hydroelectric power projects — stood at approximately 15.05 GW at the end of June. Its consolidated installed solar capacity accounted for roughly 6.8% of the group-wide total, at approximately 1.02 GW at the end of June. Its PV business posted an operating profit of CNY 289.8 million, up more than 20% from the first six months of 2016.

Its PV installations rose by 20.2% from the first half of 2016, with the group adding about 40 MW of operational solar capacity to its portfolio in the first six months of this year. It currently has 686.9 MW of government-approved solar capacity in various stages of development throughout China, up from 632.7 MW at the end of 2016. 

Group revenue edged down 2.9% year on year to CNY 7.95 billion, according to a statement to the Hong Kong stock exchange. Revenue from sales of electricity generated by its solar projects reached CNY 546.3 million, from just CNY 445.5 million a year earlier.

Gross power generation from all of the group’s energy projects hit 20,114.4 GWh in the January-June period, down 3.8% from the preceding year. However, its solar projects generated 643.02 GWh of electricity in the first half, up 15.7% year on year.

Huadian Fuxin recorded a $293.6 million profit in 2016, as it connected 177.3 MW of new solar capacity to the Chinese grid. The Beijing-based company is a subsidiary of Chinese state-owned power group Huadian.