It partly attributed the slight year-on-year drop in generation to power market reforms in southern China’s Guangdong province, without elaborating on the matter. Lower production at its hydropower projects in Fujian province also weighed on its preliminary results for the January-September period, it said in a statement to the Hong Kong stock exchange.
However, CP Clean Energy also said that solar and wind curtailment pressures are starting to ease throughout the country, which helped to offset unexpectedly low generation in Guangdong and Fujian. In addition, it said that the commissioning of two PV projects — a 14.07 MW solar array in Jiangxi province and a 20 MW installation in Fujian — helped to stabilize its operational renewables portfolio.
The diversified energy developer — which changed its Hong Kong stock listing in July — recorded a profit of 404.5 million yuan ($59.5 million) in 2016. Its total power generation slid 10.7% year on year to 4659.8 GWh in the first half of this year.
However, PV capacity accounted for only 3.9% of the company’s total electricity generation in the January-June period, at 184.9 GWh. Its total installed solar capacity in China hit 297 MW at the end of June.