GD Power Development Wins Approval for 250 MW Offshore Wind Farm in China

GD Power Development Co. (600795), a Chinese electricity generator and distributor, said its unit secured approval for a 250-megawatt offshore wind farm in China’s eastern province of Zhejiang.

GD Power Development Co., a subsidiary of China’s state-owned power giant China Guodian Corp., said on Saturday that its net profit jumped 110.21 percent from one year earlier to 4.94 billion yuan (803.75 million U.S. dollars) in the first nine months of the year.

Business revenue reached 43.81 billion yuan during the January-September period, up 7.42 percent year on year. Earnings per share climbed 88.16 percent to 0.286 yuan, it said in a statement to the Shanghai Stock Exchange.

The power producer attributed the sharp increase in net profit to falling power generation costs as coal prices continued to decline in the first three quarters this year.

Its power generation totaled 125.05 billion kilowatt hours in the first nine months, up 7.48 percent year on year.

The unit, Zhejiang Zhoushan Offshore Wind Power Development Co., will spend 4.45 billion yuan ($733 million) on the project, GD Power said today in a filing to the Shanghai stock exchange. It will be the first offshore wind farm approved in the province by the local Development and Reform Commission, it said.