China-based PV energy firm, United PV expects to acquire between 500MW and 1,000MW of solar power plants in China this year.
The company had not previously guided its acquisition or project pipeline targets for 2014. PV Tech had previously reported that United PV was targeting completions in the range of 250MW to over 500MW this year.
United PV said in a financial filing to disclose first-half 2014 financial results that the potential higher project completions and acquisitions were due to the growing demand for solar energy in China and favourable government policies.
The company said it had acquired six grid-connected PV power plants in the first six months of the year, while its total of 14 owned and operated power plants generated about 242 million KWh of electricity in the first half of 2014.
The company reported revenue for the first half of the year of approximately HK$238 million (US$30.7 million), compared to HK$157 million (US$20.2 million) in the prior year period.
The principal revenue stream came from sales of electricity US$20.7 million and US$9.9 million from sales of solar cells, down from US$20.1 million in the prior year period.
United PV is selling a majority share in its solar cell production operations and exiting the sector to become a dedicated PV energy provider (PVEP). Sales of solar cells were down due to lower demand, according to the company. The solar cell operations were loss making in the period and the company took an impairment charge of US$27.6 million.
However, United PV posted a gross profit of approximately HK$48 million (US$6.1 million in the first six months of 2014, compared to a loss of approximately US$2.2 million in the prior year period.