Renewable energy segment boosts Towngas Smart Energy’s H1 earnings

Its core operating profit also leaped over 50%.

Towngas subsidiary Towngas Smart Energy has recorded a 57.5% increase in its core operating profit to reach $707m in the first half (H1) of 2024 mainly driven by its renewable energy business.

In a statement, Towngas Smart Energy said its clean energy unit’s net profit grew to $164m in H1, with cumulative signed photovoltaic capacity reaching 3.3 gigawatts (GW) and aggregate grid-connected capacity totalling 2.1 GW. 

The company has around 400,000 commercial and industrial customers on the Chinese mainland.

Towngas Smart Energy has committed to developing 128 zero-carbon smart industrial parks in China. This includes the Hailing Zero-Carbon Smart Industrial Park in Taizhou, Jiangsu Province, which launched its “Solar City” project in 2021. This used over 40,000 photovoltaic panels to power charging piles within the park, achieving energy self- sufficiency.

Towngas Smart Energy also provides various energy-saving systems for businesses in the Hailing park.

The Hailing park can reduce carbon emissions by 6,000 tonnes annually, with distributed photovoltaic systems generating 5.4 million kilowatt-hours of electricity per year – equivalent to the annual consumption of over 1,600 three- person households – contributing to overall energy savings of 30% in the park.

Aside from this, Towngas Smart Energy's latest zero-carbon park in Jining has installed 30 megawatts of solar panels, reducing carbon emissions by about 30,000 tonnes annually, the company said.