Kong Sun posts profits on shift to downstream PV power plant business

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Hong Kong-based property developer turned renewable energy developer Kong Sun Holdings has reported 2014 revenue of RMB524.3 million (US$84.42 million) returning a profit of RMB11.7 million (US$1.88 million). 

Kong Sun reported revenue from sales of electricity and solar energy related products had reached RMB517.8 million (US$83.37 million) in 2014, accounting for 98.8% of total revenue. 

The switch to PV resulted in a return to profitability in 2014, compared to a loss of RMB6.2 million in 2013 on turnover of only RMB7.4 million (US$1.19 million) in 2013.

The company said it had acquired three grid-connected ground-mounted PV power plants in 2014, which had a total installed capacity of 70MW and were based in Xinjiang and Gansu Province. 

Kong Sun said it had seven ground-mounted PV power plants under development with a total installed capacity of 510MW, which a majority of the projects expected to be connected to the grid in the first half of 2015. The projects are all based in China. 

Dr. Liu Wen Ping, Chairman of Kong Sun, said, “The Group marked an important milestone in 2014. We have successfully developed and invested several PV power plant projects and signed cooperative agreements with some well-known business partners.  We are confident about the prospect of the investments and market potential of PV power sector for creating a significant business growth in the coming years. We will continue to review our investment portfolio from time to time, and will grasp opportunities to invest in PV power stations to pursue a strong and rapid growth, with the aim of maximizing the returns to our shareholders.”

The company did not advise on its PV project pipeline outside the seven planned projects currently under development in China. 

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