Wind boosts Longyuan performance

CHINA: Longyuan Power group has posted strong results for 2014, with the wind business propping up the ailing coal division.

An increase in installations helped Longyuan post strong results
An increase in installations helped Longyuan post strong results

Revenue from wind power was CNY 11.1 billion ($1.8 billion), an 8% improvement on 2013's performance. In contrast, the company's coal power revenue fell 15% to CNY 3.4 billion.

Operating profit for the wind power business came in at CNY 5.6 billion in 2014, representing an increase of CNY 409 million, or 7.8%.

The group brought 28 wind projects — with a combined capacity of 1.6GW — into production last year. This compares with 1.3GW connected in 2013.

It also completed the acquisition of one 49.5MW wind project in 2014. As such, at the end of the year Longyuan's consolidated wind capacity was 13.5GW.

The company obtained approvals for wind projects with total capacity of 2.6GW last year, 94% of which are located in regions not subject to grid curtailment, Longyuan said in its filing to the Hong Kong Stock Exchange.

As of the end of 2014, Longyuan had 6.5GW of wind projects approved but not yet in operation.

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