China Power Clean Energy Development
| Company type | Public |
|---|---|
| Industry | Renewable energy |
| Predecessor | China Power New Energy Development Company Limited, Oriental Investment |
| Founded | 2006 |
| Headquarters | China , China |
Area served | China |
Key people | Li Xiaolin (former chairman), Wang Binghua (chairman since December 2015) |
| Products | Hydropower, wind power, natural gas, solar power, waste-to-energy power generation |
| Owner | State Power Investment Corporation (major shareholder), China Three Gorges Corporation (29% ownership as of 2011) |
China Power Clean Energy Development (CPNED), previously known as China Power New Energy Development Company Limited (CPNE) and Oriental Investment, is a renewable energy enterprise based in China, founded in 2006 and publicly traded on the Hong Kong Stock Exchange. The company manages power generation facilities utilizing hydropower, wind, natural gas, solar, and waste-to-energy technologies.
History
In 2011, CPNED distinguished itself as the first renewable energy firm in China to secure substantial foreign currency capital through bond issuance.
The acquisition of China Power Dafeng Wind Power Company for US$74 million took place in 2010. Two years later, CPNED entered into an agreement to purchase a Chinese wind turbine division from Suzlon Energy valued at US$60 million; however, this transaction was subsequently cancelled.
By 2015, CPNED revealed intentions to acquire State Nuclear Power Technology Corporation by issuing new shares to SNPTC and/or another subsidiary under SPIC, China Power New Energy Limited. This arrangement entailed SNPTC divesting its nuclear power assets and operations.
Ownership
The primary shareholder was China Power Investment Corporation (currently State Power Investment Corporation) through a series of intermediate holdings.
In December 2011, China Three Gorges Corporation acquired a 29% ownership interest in CPNED for HK$2.1 billion (approximately US$270 million), becoming the largest shareholder at that time.
Corporate leadership
Up until December 2015, the chairman role was held by Li Xiaolin, who concurrently served as chairman and CEO of China Power International Development and as vice general manager at China Power Investment Corporation. She took over the chairmanship in May 2007, succeeding Lai Leong. Her successor in December 2015 was Wang Binghua, chairman of State Power Investment Corporation.
Projects
In May 2011, CPINE, the overseas division of CPNED, formed a partnership with First Solar to develop photovoltaic initiatives both in China and the United States, with the objective of matching First Solar’s installed capacity within the U.S. market in China.
As of June 30, 2016, CPNED’s total installed capacity reached 3,650.1 MW: comprising 1,429.5 MW of wind power, 1,300 MW of natural gas capacity, 595.8 MW from hydropower, 228.2 MW photovoltaic capacity, and 78 MW from waste-to-energy plants. Additionally, projects totaling 842.75 MW were under construction.
During 2015, three projects began operations with a combined capacity of 86.5 MW:
- No. 6 Gansu Anbei Wind Power Project – 46.5 MW
- Hainan Changjiang Photovoltaic Power Project – 20.0 MW
- Yunnan Yuanjiang Photovoltaic Power Project – 20.0 MW
In the first quarter of 2016, four projects were completed:
- Two units each generating 470.0 MW at Phase II Guangdong Dongguan Natural Gas Power Project
- No. 3 Unit at Phase II Hainan Haikou Waste-to-energy Power Project – 12.0 MW
- Phase III Gansu Baiyin Photovoltaic Power Project – 15.0 MW
- Gansu Guazhou Photovoltaic Power Project – 8.0 MW