Panda Green reports increase in turnover, declining net profit

Chinese solar PV project developer and plant operator, Panda Green Energy achieved revenue of 1,522 million CNY ($241.4 million) in the fiscal year 2017, a considerably improvement over the result of 998 million CNY it registered a year earlier.

Meanwhile, EBIDTA also improved year-on-year from 848 million CNY to 1,198 million CNY, while net profit saw a substantial decrease from 382 million CNY in 2016, to 153 million CNY ($24.6 million) last year. This decrease, according to the company, was mainly due to the fair value loss on financial instruments of approximately 290 million CNY, and the increase in finance costs by approximately 28%, compared to the corresponding period in 2016.

The company’s solar plant portfolio grew by around 747.9 MW (62%) last year, thus reaching a total capacity of 2,039.3 MW, as of the end of December. Around 96% of this capacity is located in China, while the remaining portion is represented by 82.4 MW of solar facilities located in the U.K., which Panda Green acquired at the beginning of 2017. Power production from the group’s power facilities grew by 57% from 1,345,830 in 2016, to 2,115,253 in 2017.

Last year, the company also invested in wind and hydropower projects. In China’s Tibet Autonomous Region, Panda Green acquired the rights to build a 5 GW hydropower facility, while the investment in wind was made in a 96 MW project under construction in the Chinese region of Shanxi.

Furthermore, the Chinese developer reports that it has raised around 13,780 million CNY in funds in 2017, through new shares placing, issue of senior notes, medium-term notes, corporate bonds, bank borrowings and finance leasing.