The 300MW Fujian Shaxikou hydro plant has been acquired by China Power New Energy Development as part of its deal to purchase CPI (Fujian) Power Development.
The plant was built over 1987-1994 on the upper reaches of the Men Jiang river in Nan Ping district of Fujian province. Fujian Shaxikou’s power house has four 75MW units.
China Power New Energy Development agreed to buy CPI (Fujian) Power in a deal worth US$157M. The buyer is incorporated in Bermuda and executed the deal via its Hong-Kong based subsidiary China Power (New Energy) Holdings.
CPI (Fujian) Power was a 100% owned business of Tianyuan Development, which is owned by China Power International Holding and is incorporated in the British Virgin Islands. CPI (Fujian) Power was incorporated in April and into it were transferred the assets and liabilities of the hydro plant.
China Power International Holding is owned by the state-controlled firm China Power Investment Corp.