Panda Green Announces 2017 Interim Results Power Generation Revenue Increases by 53% to RMB690 million
30 Aug 2017, Hong Kong Panda Green Energy Group Limited (“Panda Green”, together with its subsidiaries, the “Group”, previously known as “United Photovoltaics”, stock code: 00686.HK) the world’s leading provider of eco-development solutions, is pleased to announce the Group’s interim results for the 6 months ended 30 June 2017 (the “Period”). During the Period, the Group’s power generation revenue increased by 53% to RMB690 million. EBITDA increased significantly by 46% to RMB556 million. Net profit increased to RMB277 million.
As of 30 June 2017, the Group beneficially owned 42 solar power plants. Total installed capacity increased by 47% to 1,464.1MW. Total power generating capacity in the first half of 2017 was 1 billion kWh, representing an increase of 64% over the same period of 2016. During the Period, the Group continued to expand its business through acquisition and self-development. For the photovoltaic power generation business, the Group successfully acquired 6 photovoltaic power plants in the UK with a total installed capacity of 82.4MW, as the Group’s first step of overseas business expansion. At the same time, the world’s first 50MW “Panda Power Plant” (Phase I), which was located in Datong, Shanxi Province, was successfully connected to the utility grid on 29 June 2017. The completion ceremony was held in the Beijing Office of the United Nations on 10 August 2017.
As national project, Panda Power Plant was included in the project list of the Action Plan signed by the Government of the People’s Republic of China and the United Nations Development Program to jointly promote the “Belt and Road” Construction during the “Belt and Road” Forum for International Cooperation on 14 May 2017. At the same time, the United Nations included the project into “Sustainable Development Goals Youth Participation and Innovation Program”, which will be promoted on a global scale.
For the other renewable energy businesses, the Group newly acquired more than 5GW of hydropower in the first half of 2017. As the power grid construction projects in Tibet accelerate, Panda Green will join hands with the People’s Government of the Tibet Autonomous Region to extract Tibet’s rich and clean energy resources. Tibet will become an “artery” to steadily deliver green energy to all parts of China.
The new economic era of renewable energy has come. Panda Green will continue to build an efficient and clean green energy eco-circle which integrates hydropower, photovoltaic power, wind power and stored energy for collaborative operation in countries along the “Belt and Road”. Through the establishment of the multi-energy complementary model, Panda Green will promote ecological solutions and facilitate the early realization of universal access to renewable energy.