CR Power makes two acquisitions

PUBLISHED : Friday, 22 August, 2008, 12:00am
UPDATED : Friday, 22 August, 2008, 12:00am

Hong Kong-listed mainland power producer China Resources Power Holdings said it will acquire two companies for HK$898.9 million, giving it stakes in five power plants and a property developer in Jiangsu province.

It will spend HK$271.1 million to take over Shenzhen Yihe, which has two power plants comprised of four 1,000-megawatt coal-fired generators and includes an 8.5 per cent stake in a property developer. Another HK$627.8 million will be used to acquire Jiangsu Kunlun, which has three 55 MW, two 135 MW, two 320 MW, two 330MW and two 600 MW coal-fired generators, and two 135 MW coal-fired heat and power co-generation units.

The acquisitions will be funded by internal resources.