Huaneng Power International Inc. (NYSE: HNP) has confirmed that its Huaneng Tongxiang gas-fired cogeneration project has been approved by the Zhejiang Provincial Development and Reform Commission.
Huaneng Power, which is one of the largest listed power producers in China, owns a 95% share in the project.
This latest approval marks the third such project for the company in the last 12 months..
Last year, Huaneng Power obtained approval for two gas-fired cogeneration projects – the 400 MW Huaneng Jinling plant in Jiangsu province and the 1500 MW Huaneng Chongqing Liang Jiang plant, located in the municipality of Chongqing.
The Huaneng Tongxiang cogeneration project, which comprises two 200 MW combined-cycle gas turbine units, will require an estimated investment of RMB1.488 billion (US$234 million), of which 20% will be project capital, contributed by Huaneng Power and New Town Development and Construction Co. Ltd of the Linhang Economic Area of Tongxiang, Zhejiang.
The remaining money will come from bank loans.
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