Related News
Three Gorges To Buy New Energy Stake
Source: Bloomberg News |
December 13, 2011, Tuesday
|
Print Edition
Print Edition
CHINA Three Gorges Corp, operator of the nation's biggest dam, has agreed to pay HK$2.1 billion (US$269 million) for a 29.1 percent stake in renewable energy producer China Power New Energy Development Co.
China Power New Energy will issue 3.2 billion new shares at HK$0.65 each to China Three Gorges, the Hong Kong-listed company said in a statement to the city's stock exchange yesterday.
China Power New Energy said it will use the proceeds to fund power generation projects.
China is pushing its companies to increase power generation from alternative sources, including wind and hydro, as it seeks to cut reliance on coal and oil to reduce pollution. China Three Gorges, which operates the world's largest hydro power dam, will become the biggest shareholder in China Power New Energy.
The purchase will create "opportunities for the company's further expansion through leveraging the hydro power capabilities and expertise" of China Three Gorges, China Power New Energy said in the statement.
The sale will leave state-owned China Power Investment Corp as China Power New Energy's second-biggest holder with a 25.6 percent stake. China National Offshore Oil Corp will have 8.1 percent.
China Power New Energy will issue 3.2 billion new shares at HK$0.65 each to China Three Gorges, the Hong Kong-listed company said in a statement to the city's stock exchange yesterday.
China Power New Energy said it will use the proceeds to fund power generation projects.
China is pushing its companies to increase power generation from alternative sources, including wind and hydro, as it seeks to cut reliance on coal and oil to reduce pollution. China Three Gorges, which operates the world's largest hydro power dam, will become the biggest shareholder in China Power New Energy.
The purchase will create "opportunities for the company's further expansion through leveraging the hydro power capabilities and expertise" of China Three Gorges, China Power New Energy said in the statement.
The sale will leave state-owned China Power Investment Corp as China Power New Energy's second-biggest holder with a 25.6 percent stake. China National Offshore Oil Corp will have 8.1 percent.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
