In a bid to expand its presence in the international energy market, Canadian utility Hydro-Québec has bought a 20% stake in Chinese electricity company Meiya Power Company (MPC). The utility says it plans to invest US$50M in MPC over the next few years.
Meiya’s other two shareholders are Public Service Electric and Gas China, a unit of US energy group PSEG, and the Asian Infrastructure Fund which invests in large infrastructure projects. Hydro-Québec said it was chosen as a partner by PSEG in order to increase Meiya’s share of China’s hydroelectric sector. The Canadian utility has vast experience in the sector and has developed major projects in the James Bay region of northern Quebec in Canada.
Hong Kong-based Meiya is one of the leading independent power producers in China and ranks third among the country’s largest energy project developers and managers.