China Three Gorges Corporation invests in renewable energy group

BEIJING, China (PennWell/12.22.2011) — The China Three Gorges Corporation (CTG) has bought a 29 percent share in a Chinese renewable energy group, according to a share purchase agreement issued by seller China Power New Energy Development (CPNED).

The 3.2 billion newly-issued shares purchased by CTG are worth HK$2.1 billion (US$270 million) and give the energy conglomerate a majority interest in the company.

CPNED will use the funds to invest in new power generation projects, according to the purchase agreement.  Currently, the group controls a portion of the Minrui hydro projects in China’s Yunnan Province and has full control of a 36.6-MW facility previously owned utility Zhangping Huakou.

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