Under the US$980m deal, the firm will install two generators at Puqi
China Resources Power Holdings will sign a preliminary agreement to invest about US$980 million to expand a power plant in Hubei, according to provincial officials.
Li Zongbai, director of Hubei's development and reform commission, said yesterday in Hong Kong that the investment would cover two generators of 600,000 kilowatts (kW) each, to be installed as the second phase of development at the company's Puqi power plant in Chibi city.
China Resources Power chief financial officer Wang Xiaobin described the preliminary agreement as 'a long-term investment proposal'.
'We have a flexible approach. We still need to look at the overall market situation,' she said.
Hubei is one of 24 mainland provinces facing electricity shortages as the country's economy powers ahead.
The State Grid Corp of China estimated last month that the country's power shortage would be at least 30 million kW this year.
