China Power New Energy to acquire small hydropower project

China Power New Energy Development Company Limited said it will acquire full control of a 36.6-MW hydropower project in southeastern China for CNY 39.2 million (US$ 5.7 million) in cash, wire services reported.

The company has agreed to buy the 49 percent stake it does not own in the hydro plant’s owner, power utility Zhangping Huakou.

Recently, China Hydroelectric Corporation, a consolidator, developer and operator of small hydro projects, signed definitive agreements to acquire a portion of the previously announced Minrui hydro projects in China’s Yunnan Province.

CHC had previously announced the execution of a memorandum of understanding to acquire 100 percent of the Minrui group of projects, which included four operating hydroelectric projects aggregating 66 megawatts, three projects under construction aggregating 125 megawatts and the development rights to nine projects aggregating 341 megawatts.

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