The sale of the project will be closed by 2013 and will contribute to the company’s profit.
Commenting on the sale, China Hydroelectric chairman Amit Gupta remarked that it will help the company fix its liquidity situation while reaffirm the fundamental value of its assets.
"In addition to this transaction, the Company continues to pursue other avenues to address its remaining liquidity needs in order to provide sufficient time for the new board to work with management on a comprehensive, long-term financing solution," added Gupta.
The group currently owns 26 hydropower stations with total installed capacity of 548 MW, of which it acquired 22 operating stations and constructed four – located in Zhejiang, Fujian, Yunnan and Sichuan provinces of the country.
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