Huadian Fuxin posts $293.6 million profit in 2016
However, solar accounts for just 6.5% of the company’s total installed capacity, compared to the 7.34 GW of wind capacity it had connected to the Chinese grid by the end of 2016.
Total profit attributable to shareholders reached 2.02 billion yuan ($293.6 million), up 6.3% on the year, according to a statement to the Hong Kong stock exchange.
Group revenue edged up 3.4% from the preceding year to 15.9 billion yuan, primarily due to sales of electricity from its solar, wind and hydropower projects. Total revenue from its PV business jumped 9.7% year on year to 889 million yuan.
Its solar projects generated 1058.6 GWh of electricity in the 12 months to December 31, up 13.6% year on year.
The company — based in Fuzhou, Fujian province — secured government approval to build 254.3 MW of solar at 14 locations throughout China in 2016.
By December 31, its total PV pipeline stood at 632.7 MW.
Huadian Fuxin said it would continue to secure the rights to develop more solar projects in 2017, primarily in central and southeastern China.
The company is a subsidiary of Chinese state-owned power group Huadian.