Huadian Fuxin buys parent's assets and targets EM renewables projects
China's Huadian Group is in talks to sell its solar and wind farms to its renewable energy unit Huadian Fuxin Energy by the end of this year or the beginning of next. The latter company recently posted a modest 0.6% year on year rise in net profits to CNY1.45bn ($218m), and revealed wind power wastage in the Gansu province and Xinjiang Uygur autonomous region was down from 23% last year to 16%. Fuxin has also invested in renewable projects in Indonesia and Bangladesh, which it said offer more attractive returns relative to projects in China.
Left to right: Huadian Fuxin Energy vice president Sun Tao; chairman Huang Shaoxiong; and chief financial officer of the Fujian branch Lin Maoji. Photo: Jonathan Wong