A 51% jump in revenue at its wind and solar generation unit has helped China Suntien Green Energy post a bumper rise in first-half profit.
Net profit attributable to owners of the company for the six months through June rose by 70% on-year to RMB 601.4m (US$90.0m).
Revenue in the renewables business was buoyed by the introduction by authorities in February of a trial voluntary green certificate trading system. The Chinese economy also continued to grow steadily.
“In the first half of 2017, the global economy continued its recovery trend and China’s economic operation was maintained at a reasonable range with upward momentum getting more visible and overall consumption of energy on the rise,” China Suntien said.
During the reporting period, the group’s wind farm business boosted power generation by 48%, due to what the company called “the increase in operating capacity” of its wind farms.
By 30 June, the company had wind projects under construction with a total installed capacity of 652MW, including 352MW of onshore projects and 300MW of offshore projects.
The 50MW Fengning Senjitu Wind Farm Phase 2 development, powered by Vestas V90 turbines (pictured), has been fully connected to the grid, it said.
China Suntien also announced that it was considering an initial public offering of its shares, although it said it has not yet devised an offering plan or applied to relevant authorities for approval.
Image: Vestas
