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CLP to acquire 50% interest in China WindPower subsidiary

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Hong Kong-based power utility CLP Holdings has announced that it will acquire a 50% equity interest in a wholly owned subsidiary of China WindPower Group for HKD101.3 million

The new joint venture, CLP-CWP Wind Power Investment, will own 49% of two wind projects in Fuxin City of China’s Liaoning Province. The wind farm facilities are expected to have a combined installed capacity of 99MW (49.5MW each) and to be completed in 2009.

The new joint venture also has rights to participate in all existing and future wind farm projects located in Liaoning and Heilongjiang provinces where the China WindPower Group (CWP) or its affiliates have development rights.

Liu Shunxing, CEO of CWP, said: “This transaction would provide an opportunity for CWP and CLP to develop jointly certain wind power projects in the Mainland. The expertise and experience of CLP in the electricity industry would further strengthen and broaden CWP’s business development in the wind power industry.”

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