China acquires power company in Australia

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Last updated at: (Beijing Time) Tuesday, December 16, 2003

China acquires power company in Australia

A China's leading power group on Tuesday acquired a subsidiary of the US InterGen in Australia in a deal worth 226.9 million US dollars.

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A China's leading power group on Tuesday acquired a subsidiary of the US InterGen in Australia in a deal worth 226.9 million US dollars.

Under an agreement signed in Brisbane, Queensland, China Huaneng Group acquired 50 percent equity of OzGen, according to reports reaching here.

OzGen owns two advanced coal power plants, Millmerran and Callide C, both located in Queensland. The installed generation capacity of Millmerran and Callide C are 880 megawatts and 920 megawatts respectively.

InterGen, the parent company of OzGen, is a joint venture between Royal Dutch/Shell Group and Bechtel Enterprises Holdings Inc. with its head office in Boston, the United States.

The acquisition is Huaneng's maiden overseas investment.

Huaneng concentrates on power generation as its core business, with its power plants having a total commissioned generation capacity of 31,000 megawatts.

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