Huaneng Power International, Inc. to Acquire Equity Interests in Shanghai Shidongkou First Power Plant and Jiangsu Taicang Power Plant

BEIJING, November 15, 2002-- Huaneng Power International, Inc. today convened the 23rd session of the third board meeting. The meeting discussed and passed the resolution for the RMB415 million acquisition of 30% equity interest in the Shanghai Shidongkou First Power Plant and 5% equity interest in the Jiangsu Taicang Power Plant, which are expected to be transferred to China Huaneng Group Corporation (the "Huaneng Group") through the State's allocation pursuant to the implementation of the power sector's reform plan.

Accordingly, the Company and the Huaneng Group signed a Transfer Agreement on the acquisition on the same date. In addition, the acquisition is still subject to the approval at the Company's shareholders meeting as well as the approval by relevant government authorities. Upon completion of the acquisition, Shanghai Shidongkou First Power Plant will be wholly-owned by the Company and the Company's interest in the Jiangsu Taicang Power Plant will be increased to 75%. Pursuant to the previous transfer agreement which was signed by the Company and Huaneng Group on May 9, 2002, the Company acquired 70% interest in the Shanghai Shidongkou First Power Plant and 70% interest in the Jiangsu Taicang Power Plant, and the acquisition was effective on July 1, 2002.
The acquisition will further increase the Company's market share in Eastern China, a region undergoing fast economic growth and faced with strong demand for power. The acquisition will also further enhance the Company's position as the leading independent power producer in the PRC, which is consistent with the Company's long-term development strategy. Upon completion of the acquisition, the Company will gain 390 MW additional net generation capacity, and the total net generation capacity of the Company will increase from 13,895 MW to 14,285 MW. In particular, the Company's net generation capacity in Shanghai Municipality and Jiangsu Province will increase from 2,040 MW and 2,597 MW to 2,400 MW and 2,627 MW, respectively.
Huaneng Power International, Inc. develops, constructs, operates and manages large thermal power plants in China nationwide. With current total net generation capacity of 13,895 MW, the Company is the largest independent power producer in China.

Sponsored by FLSmidth
Recommend this article Recommend this article () You recommended this article You recommended this article ()
Follow Power Engineering on Twitter

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Buyers Guide Categories

Featured Whitepaper

There is no current content available.

Current Magazine Issue

08/01/2013
Volume 117, Issue 8
1308PE_C1_digital

Buyers Guide Company Listings

CAS DataLoggers

Manufacturer of data acquisition and control systems including high performance real-time systems. For use in data acquisition, test and control applications featuring microsecond precision.

Krishnan & Associates

Krishnan & Associates is a specialized consulting firm that provides marketing, market analysis, executive recruitment, and merger and acquisition services to the power, infrastructure, and coal mining industries.

North American Dismantling Corp

Established in 1984, North American Dismantling Corp is a demolition/dismantling contractor specializing in heavy industrial demolition, selective demolition, remediation, plant stripouts, plant decommissioning, emergency response, and turnkey acquisitions.

Contec Systems

Contec Systems develops continuous emission monitoring (CEMS), user-configurable, Windows-based data acquisition software systems (DAHS) offered to CEMS integrators, OEMs, and end users.

Power Industry Wire News

Vantage Drilling Company Schedules Second Quarter 2014 Earnings Release Date and Conference Call

Vantage Drilling Company Schedules Second Quarter 2014 Earnings Release Date and Confer...

SCI Engineered Materials, Inc. Reports Second Quarter 2014 Results

SCI Engineered Materials, Inc. Reports Second Quarter 2014 Results

AXT, Inc. Announces Second Quarter 2014 Financial Results

AXT, Inc. Announces Second Quarter 2014 Financial Results

SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2014

SEACOR Holdings Announces Results for Its Second Quarter Ended June 30, 2014

Miller Energy Declares Cash Dividends on Its Series B, Series C and Series D Preferred Stock

Miller Energy Declares Cash Dividends on Its Series B, Series C and Series D Preferred ...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>