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China Hydroelectric buys power projects in Yunnan

(Xinhua)
Updated: 2010-05-13 11:14
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China Hydroelectric Corp said Wednesday it signed agreements to buy a portion of the Minrui power projects in China's Yunnan province for $60.8 million.

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The company had said it had a memorandum of understanding to acquire all of the Minrui assets, including four operating hydroelectric projects, three more under construction, and development rights to another nine projects.

The definitive agreement announced Wednesday covers three of the operating projects.

The company said it would fund the deal with cash and financing from the Bank of China's Fujian branch. The purchase is subject to governmental approval.

Shares fell 5 cents to $9.20 in morning trading.
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