China’s sixth largest wind developer says profits slumped 90% to HK$24.8m ($3.2m), even as revenues increased by 56% to $402m.
It blames the sharp fall in profits on lower wind speeds and heavy grid curtailment as well as fewer EPC projects after the group postponed investment in 10 approved wind farms located in areas with heavy curtailment.
China WindPower says the average grid curtailment rate increased to 36%, contributing to a 30% drop in average utilization hours at its wind farms.
Unusually
