Chinese power producer Huaneng Power International has entered into an agreement to acquire 100% equity interest in Fushun Suzihe Hydropower Co for RMB50m (approximately $7.5m).
Fushun Suzihe Hydropower is the owner of the 37.5MW Suzihe Yaojiashan hydropower project in the Liaoning Province of China.
The Liaoning Development and Reform Commission has approved the power project, which is expected to commence operation by the end of this year.
Fushun Suzihe Hydropower is also conducting preparatory work for another power project in the Suzihe river area.
Huaneng Power said that the equity interest acquisition will help it develop hydropower market in the Suzihe river area and improve its existing power generation structure in the Liaoning Province.