CPID to acquire a majority stake in 2.1k MW renewable energy assets from China Power New Energy and CPIRE for $1.1bn.

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.