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This week, i Capital updates Concord New Energy following the release of its 2024 full year results.

Operating and financial results

As of end 2024, the Company’s operational attributable installed capacity increased by 13.95% to 4,615 MW, divided into 3,732 MW from wind power and 883 MW from solar PV. Attributable installed power generation reached 8,645 GWh, +10.5% YoY. Weighted average utilisation hours decreased by 10.5% YoY and 12.5% YoY to 2,192 hours and 1,272 hours for wind and Solar PV respectively. Average tariffs shrank by RMB 0.0109/kWh and RMB 0.0644/kWh to RMB 0.3933/kWh and RMB 0.4552/kWh for wind and solar PV respectively, mainly due to a higher percentage of subsidy-free projects in the Company’s asset portfolio. 

The power generation revenue collected from subsidiary-owned power plants, which includes green energy trading and green certificates, hit RMB 2,515.9 mln (+11.4%). However, due to increased wind and solar curtailment and unfavourable wind resource conditions in Northern China during