Date
19 November 2017
A favorable policy environment is prompting Chinese firms such as Huaneng Renewables to consider raising their solar power generation capacity. Photo: Xinhua
A favorable policy environment is prompting Chinese firms such as Huaneng Renewables to consider raising their solar power generation capacity. Photo: Xinhua

Huaneng Renewables mulls solar capacity expansion

Huaneng Renewables Corp. (00958.HK) is mulling a further upward revision in photovoltaic power generation capacity, the Hong Kong Economic Journal reported Friday.

New targets unveiled recently by China’s National Energy Administration for photovoltaic electricity supply show that the government is keen to promote the renewables sector further, a senior company executive was quoted as saying.

While the policy support is welcome, one cannot however expect the production cost of green energy to fall, said Lin Gang, president of Huaneng Renewables.

Another state-owned electricity generator, China Resources Power Holdings Co. (00836.HK), meanwhile said it has suffered from asset impairment on some coal mines.

The company lost HK$4.37 billion due to a write-off that it said was a result of more stringent requirements on mine safety, environmental protection standards and license approval.

Part of the loss also stemmed from delays in project construction, it said.

China Resources Power’s overall net profit fell 16.3 percent to HK$9.22 billion last year, with same-plant sales volume and production volume both dropping 7.5 percent.

The group’s former chairman Song Lin was earlier charged with corruption in relation to certain coal mine transactions pertaining to Taiyuan Huarun Coal Co. and Shanxi Gold Industry Group.

Translation by Vey Wong

[Chinese version 中文版]

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