Jilin Power to acquire two wind power producers for USD 27.5m
(ADPnews) - Dec 13, 2010 - Chinese utility Jilin Power Share (SHE:000875) last Friday said it will acquire two Chinese wind power firms from Mengdong Xiehe New Energy for a total of CNY 183 million (USD 27.5m/EUR 20.7m).
The two wind operators, named Mengdong First Wind Power and Second Wind Power, own and operate 49 MW of wind farms each in the Chinese Jilin province with a power purchase price of CNY 0.58 per kilowatt-hour, according to Jilin Power.
Jilin Power said the deal is meant to help it focus its business on clean energy, boosting its installed capacity of renewable power from 198 MW at present to 297 MW.
The company is looking to establish a renewable energy project portfolio in the region. Earlier this year, it bought a stake in wind power plant operator Jilin Licheng Xiehe Wind Power. Jilin Power also agreed in June to form a joint venture with China Wind Power Group to develop and operate wind power projects.