China Hydroelectric Corporation has just signed an agreement to own a hydropower plant in Yunnan province. The acquisition of the 19-megawatt hydropower plant is in accordance with the company’s goal of adding more than 700 megawatt of hydropower to its portfolio in the coming years.
A memorandum of understanding has been signed for the complete ownership of the Husahe project, amounting to 106 million yuan ($15.5 million).
China Hydroelectric had already announced acquiring 44 MW of green power from previous projects. The acquisition of both the Husahe project along with the 44 MW plant, however, will still largely depend on the approval of the government, as well as concluding agreements from other companies.
The two projects will be adding 63 megawatts to China Hydroelectric’s growing portfolio of green power assets.
Apart from obtaining ownership of the green power plants, the company also wants to acquire 709 MW worth of green power projects – 180 MW from its currently owned hydroelectric assets, 125 MW from green power projects that are still being built, and 341 MW from the new green power projects.
China Hydroelectric chief executive John D. Kuhns says the firm’s capacity for acquiring finance projects has accelerated because of I.P.O. proceeds that were bigger than expected, and also because of a $440 million loan framework agreement that was made with the Bank of China’s Fujian branch.
Kuhn’s adds that the completion of the pooled 63 MW green power projects would play a part in their goal to own around 250 MW of green power online projects in the first half of 2010. He goes on to say that more green power plants will become operational in 2011 when currently being installed projects get completed.
China Hydroelectric Corporation is a company that distinguishes and assesses acquisition and expansion opportunities for hydropower plants in China. It also acquires and builds small hydropower plants in the country.
The company currently owns 12 hydropower projects in China equivalent to 377 MW of total installed green power production capacity. The 12 hydropower projects are located in Zhejiang, Fujian, Yunnan and Sichuan.
China Hydroelectric Corporation aims to become the PRC’s largest independent small hydroelectric power producer. The company’s revenues have been acquired from the sale of electricity produced by their hydroelectric power plants for local power grids.
All existing hydropower plants of the company have been acquired from other developers and operators starting in 2007.
About 22 percent of China’s electricity comes from hydropower. Hydropower projects, however, are being questioned by critics because they want to know if the new water projects would pass for acquiring credits under the Clean Development Mechanism and whether these new projects would pass the accepted standards.
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