PHOTO: CONCORD NEW ENERGY[SINGAPORE] Concord New Energy expects to report a first-half net profit decline of about 66 to 69 per cent due to a drop in power generation, it said on Monday (Aug 10). Earnings are forecast to come in between 90 million yuan (US$13.3 million) and 100 million yuan for the six months ended Jun 30. The fall in power generation was due to “the dual impacts of grid absorption constraints and climate fluctuations”. It inked three power purchase agreements (PPAs) with Tesla for solar projects in the US in late July. These PPAs are on a long-term basis, and for three solar projects with a total capacity of about 469 megawatts.