China Power New Energy wraps up buy of China Power Dafeng Wind
(ADPnews) - Nov 10, 2010 - China Power New Energy Development Co Ltd (HKG:0735) said today it had finalised the acquisition of China Power Dafeng Wind Power Co Ltd (CP Dafeng) for CNY 504 million (USD 76m/EUR 55m) in shares, as part of a plan to boost its wind power capacity.
At the end of December 2009, the net asset value of CP Dafeng was CNY 291.9 million, while its total asset value stood at CNY 1.53 billion. The acquisition will add 200.25 MW of wind power generation capacity to China Power, bringing the capacity of its wind projects to 350.25 MW. It will also improve the company's presence in the wind power sector and allow it to further benefit from China's policies and regulations that aim to encourage the development of renewable energy.
In addition to its wind power assets, China Power operates hydroelectric, waste-to-energy, natural gas and other power generation facilities.