GCLNE reported cumulative installed PV power plant capacity of approximately 5,049MW by the end of June, 2017 reporting period, an 88.4% increase year-on-year. Image: GCLNE

China-based independent PV power producer GCL New Energy Holdings (GCLNE) has reported preliminary first half year 2017 results, which included cumulative installed PV power plant capacity surpassing 5GW for the first time.

GCLNE reported cumulative installed PV power plant capacity of approximately 5,049MW by the end of June, 2017 reporting period, an 88.4% increase year-on-year.

Grid-connected capacity in China and overseas on a consolidated basis was said to have increased by approximately 94.8%, from approximately 2,127MW at the end of the first half of 2016 and reached as around 4,143MW at the end of the first half of 2017. Overseas capacity remained at 87MW.

GCLNE had previously highlighted that it planned a major disposal of grid connected solar power plants to improve its capital recycling and project financing pressures in 2017. The company had proposed disposing of substantial stakes in 1GW to 1.5GW of solar power projects in 2017.

Total electricity sales volume was approximately 2,355 million kWh, a significant increase of 106.6% compared to 1,140 million kWh in the prior year period.

As a result, GCLNE said that its operating profit in the reporting period would be around RMB450 million (67.4 million), up from RMB147 million (US$22 million) in the prior year period.