Friday, March 20, 2015

China Spawns Its Latest Renewable Energy Billionaire

Cao Renxian, chairman of China’s Sungrow Power Supply, has joined the ranks of the world’s renewable energy billionaires. Sungrow makes power supply equipment for the solar and wind power industries, mainly inverters and converters. Its revenue rose by 44% last year to 3 billion yuan, or $479 million. That helped to boost net profit to 291.7 million yuan, or $46.6 million, an increase of 61% from 2013. China’s richest man, Hanergy chairman Li Hejun, also hails from solar power industry. His flagship business, Hong Kong-listed Hanergy Thin-Film Power Group, boasts a market cap  six times that of top U.S. thin-film panel supplier First Solar. Read more at http://www.forbes.com