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(Bloomberg) — CLP Holdings Ltd. will be more selective with renewable energy projects in mainland China while exploring opportunities in Taiwan and Southeast Asia.
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The Hong Kong-based utility, which this week reported an 11% drop in 2025 full-year net income to HK$10.5 billion ($1.3 billion), is pursuing more predictable revenue streams, Chief Executive Officer T.K. Chiang said in an interview with Bloomberg TV on Friday. Shares in the firm edged up 0.3% to HK$73.65.
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The firm’s caution in China highlights the impact of last year’s power-market reform, which exposed many wind and solar projects to the vagaries of market dynamics instead of government-regulated prices. Chiang said CLP secured four projects totaling about 1 gigawatt of capacity in the country that won guaranteed rates in local auctions.
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“Going forward, we will be more selective in picking our projects, focusing on regions that are more promising in terms of demand growth and tariff level” and with less risks of network curtailments, Chiang said. China’s commitment to cutting emissions is “very promising” but the company’s “appetite is modest,” he added.
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Elsewhere, the firm is targeting Southeast Asian countries that offer direct power-purchase agreements from generation projects, Chiang said. In Australia, where performance has been challenged by lower generation, CLP is focusing on cost optimization, gas, and battery storage projects to manage increasing wholesale market volatility, he said.
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In Hong Kong, CLP is expanding its infrastructure to handle the artificial intelligence boom. With six data centers built in the region over the past two years and 12 more planned, the facilities already account for more than 6% of Hong Kong’s total power consumption, Chiang said. The company has built three new substations and has plans for 10 more to handle rising demand.
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“In terms of demand growth from data centers, last year the growth was 7.5% so it’s very, very promising,” Chiang said. “We already plan ahead so that we are ready when it is required.”
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This story was produced with the assistance of Bloomberg Automation.
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