CLP to Focus Capital on Hong Kong and China in Clean Power Push

(Bloomberg) -- CLP Holdings Ltd. plans to focus on investing in Hong Kong and mainland China, while projects in other areas will need to be self-funded as the utility seeks a greener power generating portfolio.

“We have a quite significant capital requirement and we want to focus on our core markets in Hong Kong and China to help decarbonize these markets,” Chief Executive Officer T.K. Chiang said in an interview with Bloomberg TV. “In other markets, we’ll basically carry out a self-funded approach.”

CLP is planning to phase out coal consumption by 2040 and achieve net zero emissions a decade later. The utility is seeking to double its renewable capacity in China to six gigawatts over the next four years, while a growing array of data centers are clamoring for more clean energy in Hong Kong, Chiang said.

The company also operates in Australia, India, Taiwan and Thailand.

“In Australia we are looking for partners,” he said. “It could be on a project basis or it could be on a enterprise level and we are open-minded about it.”

The performance of CLP’s Australian unit rebounded last year, with operating earnings of HK$591 million ($76 million) after a HK$182 million loss in 2023, in part due to higher wholesale prices. Last month, CLP hired a former Natixis SA banker to lead its dealmaking efforts.

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