Huaneng International Power Co., Ltd. (00902.HK) will jointly invest in the establishment of Fengcheng Company with Shanghua Investment

On July 27, 2021, Huaneng International Power Co., Ltd. (00902.HK) announced that Qingneng Company signed a joint venture agreement with Shanghua Investment on July 27, 2021. According to the terms and conditions of the joint venture agreement, Qingneng Company and Shanghua Investment will jointly fund the establishment of Fengcheng Company, which will contribute no more than RMB924 million and Shanghua Investment will contribute USD 396 million equivalent. After the completion of this transaction, Qingneng Company will hold 70% of the interest of Fengcheng Company, and Shanghua Investment will hold a 30% interest in Fengcheng Company.

The Company and its affiliates, which primarily develop, construct, operate and manage large-scale power plants in The PRC, are one of the largest listed electricity suppliers in China, with an installed capacity of 114,042 MW controlled and 99,891 MW of equity power generation as at the date of the announcement.

Founded on July 8, 2013, Qingneng Company is a wholly-owned subsidiary of the Company, mainly engaged in the production and supply of electricity, investment, construction, operation and management of clean energy projects. Founded on May 28, 2003 and registered in Hong Kong, Shanghua Investment is a wholly-owned subsidiary of Huaneng Hong Kong, mainly engaged in investment business.

This article originated from Grand Gateway