Longyuan Power plans boost in wind power

Business | Janice Huang Mar 14, 2018
China Longyuan Power Group Corporation (0916) plans to increase its wind power this year by one gigawatt.

Li Enyi, president and executive director of China Longyuan, said the aggregate capacity of this year's wind power projects will be between 1,000 megawatts and 1,200 MW, of which 300 MW is from offshore wind-power projects.

Last year, the company put into operation 10 wind power projects with an aggregate capacity of 1,026.5 MW, of which 552 MW came from offshore wind projects.

Its target is to add 1,200 MW in offshore projects by 2020, which is expected to bring total capacity offshore to 2,200 MW, and account for a 40 percent market share in the mainland China market, said Li.

Longyuan Power has focused mainly on the offshore, central-eastern and southern regions in recent years. At December 31, the consolidated installed capacity of Longyuan Power was 20,520 MW. The consolidated installed capacity of wind power was 18,395 MW, coal power 1,875 MW and other renewable energy 250 MW.

Meanwhile, Longyuan Power recorded an 8.4 percent gain in its net profit to 3.85 billion yuan on December 31, 2017, while the operating revenue for the year amounted to 24.59 billion yuan, representing an increase of 10.3 percent year-on-year. Shares of the company jumped 3.15 percent yesterday.

Janice Huang

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March 2018