26 November 2003 – Japan’s Marubeni Corporation said Wednesday it has purchased the entire equity of independent power producer Sithe Asia Holdings Ltd. in Hong Kong to expand its independent power producer business in Asia.
Details of the deal, which was completed Tuesday, were not disclosed but Marubeni said it took the full stake in the Hong Kong firm following a decision by Sithe Energies to focus on its business in the United States.
Sithe Asia Holdings develops, builds and manages power plants in Asia. Its biggest shareholder was Sithe Energies Inc. of the United States.
The purchase of Sithe Asia Holdings brought Marubeni’s power generation capacity to 2030 MW from 1220 MW, making it the biggest power producer among Japanese trading houses.