|Energy giant SPIC reports revenue growth in 2017
China's state energy giant State Power Investment Corporation (SPIC) posted revenue growth last year.
SPIC raked in 202.9 billion yuan (32.31 billion U.S. dollars) of revenue in 2017, surpassing the 200-billion-yuan mark for the first time, according to a statement on its website. It generated 422.6 billion kilowatts hours of electricity last year.
The company is one of China's top five power generators, and its business covers thermal power and clean energy. It has been included on the Fortune 500 list for six consecutive years.
As China has channeled more energy into greening the power supply, SPIC has also sped up its green drive.
In 2017, the company reduced its coal consumption by 1.5 gram per kilowatt hour, shut down 510,000 kilowatts of coal-fired power capacity, and cut excess coal capacity by over 1.5 million tonnes.
SPIC's total installed power capacity has reached 126 million kilowatts, with more than 45 percent coming from new energy sources. Its total installed photovoltaic power capacity was more than 10 million kilowatts, the world's largest.
Last year, the company finalized the acquisition of Pacific Hydro, an Australian renewable energy company, and signed a 30-year concession agreement with Brazilian hydro power generator Sao Simao HPP.
Currently, SPIC's business covers 41 countries and regions, with overseas assets of 70 billion yuan.