Announced
Financials
Tags
Friendly
Single Bidder
Acquisition
Private
Pending
Domestic
Hong Kong
renewable energy assets
Renewable Energy Equipment
Majority
Synopsis
China Power International Development, an integrated energy group, agreed to acquire a majority stake in 2.1k MW renewable energy assets from China Power New Energy, a firm engaged in the development, construction, ownership, operation and management of clean energy power plants, and China Power International New Energy, an operator of coal-fired power business, for $1.1bn. The asset acquisition reflects SPIC's full support and is SPIC's largest capital injection in renewable energy assets since the listing of CPID. Through the securitization of high-quality assets, the equity and management relationships of the assets are rationalized, and CPID's positioning is consolidated as a flagship listed company of SPIC. After the acquisition, CPID will increase its clean energy share by approximately 3.32%, which is conducive to the improvement of asset quality and profitability, and will continue to bring good returns to all shareholders.
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