Energy JV to tackle volatile coal prices
By Richard Fu |
November 3, 2011, Thursday
|
Print Edition
Print Edition
CHINA Power International Development Ltd and China Coal Energy Co have agreed to invest 4.98 billion yuan (US$784 million) to form a joint venture as part of a strategic alliance amid volatile coal prices.
The joint venture will invest, build and operate coal-fired power plants, China Power, the listed unit of one of the country's top five state power producers, said in a statement yesterday.
China Power will contribute 80 percent of the venture's registered capital of 1 billion yuan and China Coal will provide the balance.
The venture, whose name was not disclosed, will acquire two 660-megawatt power generating units from China Power's wholly-owned Shentou I Power Plant in Shanxi Province, the statement said.
China Coal, the country's second-biggest coal producer, will supply coal to the venture "at a favorable price compared to the prevailing coal price supplied to the power plants of the five largest national power generating groups in the same region," the statement said.
The joint venture will invest, build and operate coal-fired power plants, China Power, the listed unit of one of the country's top five state power producers, said in a statement yesterday.
China Power will contribute 80 percent of the venture's registered capital of 1 billion yuan and China Coal will provide the balance.
The venture, whose name was not disclosed, will acquire two 660-megawatt power generating units from China Power's wholly-owned Shentou I Power Plant in Shanxi Province, the statement said.
China Coal, the country's second-biggest coal producer, will supply coal to the venture "at a favorable price compared to the prevailing coal price supplied to the power plants of the five largest national power generating groups in the same region," the statement said.
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