China WindPower to sell stakes in 145.5 MW of wind projects

Nov 30, 2012 - China WindPower Group Ltd (HKG:0182) on Friday said it would divest stakes in three project companies it had set up to build three wind farms in China with a combined capacity of 145.5 MW.

The company, through its wholly-owned unit Century Concord, agreed today to sell 60% stakes in Jianghua Century Concord, Jingmen Century Concord and Hebi Century Concord to local firm Mendong Century. The buyer is a 49/51 joint venture of China WindPower and China Power Investment Corp.

China WindPower said that the transactions would strengthen the capital base of the target units and introduce a key project partner who will bring additional experience, expertise and resource.

Jianghua Century and Jingmen Century have been established to build the first phases of the Jianghua and Jingmen wind farms each with a capacity of 48 MW. Hebi Century is focused on the 49.5-MW first phase of the Hebi wind project. All three are scheduled for commissioning between June and September 2013.

As part of the interest sale deal, Mendong and Century Concord are to significantly boost the capital of each of the target companies. At present each of the units has capital of CNY 5 million, which will be boosted to CNY 89.5 million for Jianghua Century, CNY 92.3 million for Jingmen Century and CNY 147.4 million for Hebi Century. The capital increases will be made according to Mendong and Century Concord's respective stakes of 60% and 40%.

(CNY 1 = USD 0.161/EUR 0.124)

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