30 April 2002 – Chinese independent power producer Huaneng Power International on Sunday agreed to invest in the establishment of China Three Gorges Power Co along with China Yangtze Three Gorges Project Development Corporation.
The new company is to have a proposed total share capital of 5.5 billion shares and China Yangtze Three Gorges Project development Corporation will contribute the net assets of Gezhouba Hydropower Plant, making up 90 per cent of the total
The Company will act as one of the promoters, making an investment of RMB 253.57m ($30.6m) for obtaining 165 million shares, or 3 per cent of the total shares, at a cost of RMB 1.536 per share. The Company plans to execute a Promoters Agreement with the other promoters in the near future.
Huaneng Power International, Inc. develops, constructs, operates and manages large thermal power plants in China nationwide. With total generation capacity of 10,813.5MW, the Company is the largest independent power producer in China.
Huaneng Power International also announced its unaudited results for the three months ended March 31, 2002. The Company realised net operating revenues of RMB3.853bn and net profit of RMB794 m.
The board of directors of the Company expressed satisfaction with the operating results obtained in the first quarter of 2002. In the first quarter of 2002, the Company completed its operating objects as a result of its focus on market
orientation, efficiency as well as strengthening internal
The Company’s total power generation for the first quarter was 13.86bn kWh on a combined basis, an increase of 8.11 per cent over the same period of last year on the same basis.
It said that the construction work of the 2 x 600 MW coal-fired generating units of Dezhou Phase III is progressing smoothly according to the schedule.