Concord New Energy Announced Interim Results for 2021

Concord New Energy saw steady growth in operating results in the first half of 2021,

with a net profit of RMB 403 million

On August 4, 2021, Concord New Energy released its interim results for the first half of the year as of June 30, 2021.

Concord New Energy saw continued steady growth in the first half of 2021, achieving revenue of RMB 970 million, net profit of RMB 403 million and net assets of RMB 6.707 billion. Among them, net profit was up 6.3% compared to the same period last year. Meanwhile, the total debt-to-asset ratio was 66.61%, down 0.13% compared to that as of December 31, 2020. For the first half of the year, 2,661.8 GWh was attributable to its equity interests, up 8.1% on a year-on-year basis. (In particular, the electrical energy generated by its wholly-owned wind power plants increased by 13.9%).

By stepping up its efforts to develop and build grid parity power plant projects, Concord New Energy achieved a record size of projects under construction in the first half of 2021. A total of 1,742.5MW of installed capacity was invested in power plants in the first half of the year (946MW for the same period in 2020), the majority of which were wholly-owned grid parity projects. In terms of sustainability, Concord New Energy has contracted approximately 2,100 MW of wind resources and 5,290 MW of light resources in the first half of the year.

Meanwhile, Concord New Energy continued to practice the “Build + Sell” strategy to optimize its assets. In the first half of 2021, the Group sold a total installed capacity attributable to joint venture and associate power plants of 96.5MW with renewable energy subsidies, and recovered RMB 358 million in funds. Through project transfers, a total of about RMB 1 billion was returned in the first half of the year, which will be used to support the development and construction of grid parity projects.

Looking back on the operating results for the first half of 2021, Mr. Liu Shunxing, Chairman of the Board of Concord New Energy, said: “In response to the 30·60 goals and various renewable energy incentives, Concord New Energy will seize the opportunity to further boost the rapid development of grid parity wind power projects and PV power projects. By continuing to leverage its competitive advantages of high speed, high efficiency, expertise and low overall cost, Concord New Energy will stay true to its main businesses of power plant investment and operations. Looking ahead, the Group will further implement the “lowest cost per kWh” strategy to continuously reduce the electricity costs and strengthen the control to improve the quality of power plant assets and operational efficiency. Through the ongoing practice of the “Build + Sell” strategy, the Group will push forward with the replacement of power stations that rely on renewable energy subsidies and have a low return on capital with the high-quality grid parity power plant projects, in a bid to keep pace with the era of grid parity, accelerate the process of grid parity project construction and continuously create better returns for shareholders.