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Huaneng to buy InterGen stake
By Richard Fu |
November 30, 2010, Tuesday
|
Print Edition
Print Edition
CHINA Huaneng Group, the nation's biggest electricity producer, will buy a 50 percent stake in US-based power utility InterGen for US$1.23 billion, tapping generating assets from Europe to Asia.
This will be the largest overseas acquisition for Huaneng since March 2008 when it bought Singapore's Tuas Power Ltd for US$3 billion. Diversifying assets across geographical locations, analysts say, could help Chinese power generators reduce risk in the domestic market where regulated tariffs prevent them from freely passing fuel costs onto users.
Huaneng agreed to buy the InterGen stake from India's GMR Group, whose businesses range from airports, energy to highways, GMR said on Sunday. Huaneng could not be reached for comment.
GMR, which bought the 50 percent stake in October 2008 for US$1.14 billion, said the transaction is expected to close in the first half of next year. The remaining 50 percent in InterGen is with the Ontario Teachers' Pension Plan.
InterGen has 12 power plants in the United Kingdom, the Netherlands, Mexico, the Philippines and Australia, representing an equity share of 6,312 megawatts of production capacity. Huaneng's total installed capacity was 108,530MW by July-end.
This will be the largest overseas acquisition for Huaneng since March 2008 when it bought Singapore's Tuas Power Ltd for US$3 billion. Diversifying assets across geographical locations, analysts say, could help Chinese power generators reduce risk in the domestic market where regulated tariffs prevent them from freely passing fuel costs onto users.
Huaneng agreed to buy the InterGen stake from India's GMR Group, whose businesses range from airports, energy to highways, GMR said on Sunday. Huaneng could not be reached for comment.
GMR, which bought the 50 percent stake in October 2008 for US$1.14 billion, said the transaction is expected to close in the first half of next year. The remaining 50 percent in InterGen is with the Ontario Teachers' Pension Plan.
InterGen has 12 power plants in the United Kingdom, the Netherlands, Mexico, the Philippines and Australia, representing an equity share of 6,312 megawatts of production capacity. Huaneng's total installed capacity was 108,530MW by July-end.
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