Date
21 January 2017
CGN Meiya chief accountant Yao Wei (left) and company secretary Li Jian said interim net profit was roughly on par with the level a year ago. Photo: HKEJ
CGN Meiya chief accountant Yao Wei (left) and company secretary Li Jian said interim net profit was roughly on par with the level a year ago. Photo: HKEJ

CGN Meiya eyes second batch of assets from parent next year

CGN Meiya Power Holdings Co. Ltd. (01822.HK), a non-nuclear renewable energy company, is set to acquire a second batch of power projects from the parent company by the end of 2016.

The projects, expected to yield an internal rate of return of at least 10 percent, will be consolidated into the company’s account next month, chief accountant Yao Wei told the Hong Kong Economic Journal in an interview.

The company recently gained approval from its shareholders to buy from its parent China General Nuclear Power Corp. 13 wind power projects and six solar power facilities with a combined capacity of 1.4 gigawatts.

The parent company’s first offshore project Morton’s Lane, which is located in Australia, is already on the grid.

Overseas projects with at least 12 percent internal rate of return may be considered by the listed company as well, company secretary Li Jian said.

The company posted a net profit of US$52.50 million for the first six months of the year, roughly on par with the level a year ago.

Recurring net profit was actually up 68.3 percent from a year earlier after adjustment of disposed assets.

[Chinese version中文版]

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