China Longyuan sheds interest in Guodian Fuel to focus on renewables
Dec 8, 2011 - China Longyuan Power Group Corp (HKG:0916) said it intended to sell its 7.33% stake in thermal power producer Guodian Fuel Co Ltd to China Guodian Corp, seeking to focus on its renewable energy operations.
The deal is valued at CNY 315 million (USD 49.5m/EUR 37m).
China Guodian currently owns the remaining 92.67% in Guodian Fuel. The latter has a registered capital of CNY 2.41 billion. It posted a net profit of CNY 781 million in 2010 and a profit of CNY 726 million in the first eight months of 2011.
China Longyuan produced total of 22,931,171 MWh in the 11 months through November, with more than half of the amount coming from wind power installations. Wind power output for the period rose by 35.87% on the year to 12,031,125 MWh.