12 July 2002 – Asia Power Corp Ltd said it has agreed to invest 4.74m yuan ($5.2m) for a 35 per cent stake in a company that will operate hydroelectric power plants in Sichuan, China.
The joint venture, called Sichuan Maoergai Hydropower Development Co Ltd, will have a paid-up capital of 116.4m yuan.
The other joint-venture partners are Sichuan Electric Power Shareholding Co, which will own 45 per cent, Sichuan Minjiang Hydropower Shareholding Co with 15 per cent and Wenchuan Chuanxi Electric Power Co with 5 per cent.
Asia Power was formed in March 1997 and is listed on the Singapore Stock Exchange on 9th November 1999. The group owns, manages and operates four power plants with a total installed capacity of 337.5MW and one power-related technology company.