Blue-chip conglomerate has sealed a $218.4 million hydraulic-power project in Jiangsu in a move to boost earnings. The company, ultimately controlled by the mainland's largest trust firm, China International Trust & Investment Corp, said it had signed a contract on Friday forming a 70-30 joint venture with state-owned Wuxi Power. The joint venture, which would have a registered capital of $156 million, will be responsible for building a pumped-storage hydraulic-power plant in Ma Shan, Wuxi. The project is the latest in a string of power investments Citic Pacific has concluded in the past month or so as the conglomerate seeks to fill an earnings gap left by the sale of a toll-road and bridge portfolio in Shanghai. Wuxi-born Larry Yung Chi-kin, Citic Pacific chairman, had said power generation was a key focus for the company's future investment given its cash reserve of $26 billion. 'The formation of the new joint venture provides an opportunity for the group to further expand its power business in China,' the blue chip said. The Wuxi joint venture will be added to Citic Pacific's existing portfolio, which mostly comprises coal-fired plants in Inner Mongolia, Jilin, Shouguang, Weihai, Zhengzhou, Kaifeng and Jiangsu. The company did not reveal many specifics of the hydraulic project. Citic Pacific said it would contribute 70 per cent of the registered capital of the Wuxi joint venture, the rest coming from its mainland partner. Funding would come from Citic Pacific's internal resources, the company said.