BEIJING, July 5 /Xinhua-PRNewswire-FirstCall/ -- Huaneng Power
International, Inc. (the ''Company'') (NYSE: HNP; HKEx: 902; SSE: 600011)
today announced that on June 30, 2004 it obtained approval from the relevant
PRC government authorities on the respective transfer agreements signed on
April 16, 2004 among the Company, China Huaneng Group (the ''Huaneng Group''),
Huaneng International Power Development Corporation (''HIPDC'') and Jiangxi
Provincial Investment Corp. (''JPIC''). The Company has paid the
consideration in full for the relevant acquisitions to the Huaneng Group,
HIPDC and JPIC in accordance with the terms of the respective transfer
agreements. All prerequisites of the transfer agreements have been satisfied
and so the acquisitions have been completed.
Pursuant to the aforesaid transfer agreements, the Company has acquired
for an aggregate consideration of RMB4.575 billion: i) 90% equity interest of
Jinggangshan Huaneng Power Generation Limited and 40% equity interest of Hebei
Hanfeng Power Generation Limited Liability Company from the Huaneng Group; ii)
the entire assets and liabilities in Yingkou Power Plant, 60% equity interest
of Chongqing Luohuang Power Generation Limited Liability Company and 55%
equity interest of Huaneng Hunan Yueyang Power Generation Limited Liability
Company from HIPDC; and iii) 10% equity interest of Jinggangshan Power Plant
from JPIC.
After the completion of the transactions, the Company's equity-based
generation capacity will increase by 3,096MW, or an increase of 19.7% from
15,736MW to 18,832MW. In addition, the acquisitions will also add to the
Company extra equity-based generation capacity under construction totaling
1,050MW, thus sustaining the Company's generation capacity growth and earnings
growth in the next several years.
Huaneng Power International, Inc. develops, constructs, operates and
manages large thermal power plants in China nationwide, with a total
generation capacity of 18,832MW on an equity basis. The Company wholly owns
16 power plants, and has controlling interests in seven power plants and
minority interests in four power companies. Today, it is one of the largest
independent power producers in China.
Ms. Meng Jing / Ms. Zhao Lin
Huaneng Power International, Inc.
Tel: (8610) 6649 1856 / 1866
Fax: (8610) 6649 1860
Email: ir@hpi.com.cn
Ms. Christy Lai / Ms. Edith Lui
Rikes Communications Limited
Tel:(852) 2520 2201
Fax:(852) 2520 2241
SOURCE Huaneng Power International, Inc.
 back to top
CONTACT:
Ms. Meng Jing / Ms. Zhao Lin of Huaneng Power
International, Inc., +86-10-6649-1856 / 1866, or fax,
+86-10-6649-1860, or ir@hpi.com.cn; or Ms. Christy Lai / Ms.
Edith Lui of Rikes Communications Limited, +852-2520-2201, or
fax, +852-2520-2241, for Huaneng Power International, Inc.
|
