Date
24 October 2017

Xinyi Solar to complete new solar farm this year

Solar glass maker Xinyi Solar Holdings Ltd. (00968.HK) expects to complete a 250 megawatt solar farm power plant in Wuhu city, Anhui province, this year, chief executive Wesley Lee said Wednesday.

The company is investing about HK$1 billion (US$163.28 million) in the project, half of it through bank financing, and expects an investment return of 15 percent to 20 percent.

It has yet to decide whether to own, partly own or sell the facility when construction is completed, he told reporters during the company’s annual results announcement.

Xinyi Solar said its production capacity will increase 23.9 percent to 867,000 tons in 2014 from the previous year with two ultra-clear PV glass production lines set to start operations in the second half.

The company said its net profit rose 153.5 percent to HK$303.8 million on revenue of HK$1.97 billion in the year to December.

Xinyi Solar listed in Hong Kong on Dec. 12 after being spun off from Xinyi Glass Holdings Ltd. (00868.HK). 

– Contact HKEJ at [email protected]

JH/JP/RA

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