GCL New Energy increases profitability as PV power plant capacity hits 6GW

GCL New Energy Holdings (GCLNE) has reported preliminary full-year 2017 PV power plant operating results, which included cumulative installed capacity reaching a new record of 6GW. Image: GCLNE

China-based independent PV power producer GCL New Energy Holdings (GCLNE) has reported preliminary full-year 2017 PV power plant operating results, which included cumulative installed capacity reaching a new record of 6GW.

With the vast majority of cumulative installed capacity located in China, GCLNE reported that its aggregate installed capacity increased by approximately 71%, compared to approximately 3.5GW at the end of 2016.

However, the company also reported that grid-connected capacity in China and overseas on consolidated basis increased by approximately 77%, up from approximately 3.1GW at the end of 2016 to approximately 5.5GW at the end of 2017.

GCLNE reported that its aggregate installed capacity increased by approximately 71%, compared to approximately 3.5GW at the end of 2016.

GCLNE said it expected to record an anticipated profit of not less than RMB 850,000,000 (US$130.7 million) in 2017, up from RMB 309,399,000 in the previous year. 

The company noted that improved profitability was primarily due to the sale of a non-core electronics company and greater O&M operational performance in the reporting period. 

Tags: gcl new energy, pv power plants, china