CLP acquires Chinese wind farms of Roaring 40s

CLP has agreed to acquire the Mainland Chinese wind farm portfolio of Roaring 40s Renewable Energy Pty Ltd (Roaring 40s). A joint venture between CLP and Hydro Tasmania, Roaring 40s was formed in September 2005 to undertake renewable energy projects in Australia and Asia.

Entering an arrangement with Australian company Hydro Tasmania, CLP will acquire the shareholding held by Roaring 40s in wind farm projects in Mainland China. The acquisition of the China portfolio, expected to be completed within April 2009, will increase CLP’s renewable energy capacity by 122 equity Megawatts (MW) to over 1,200 MW. This will take the renewable energy portfolio to over 9 percent of its total generation capacity and will be an addition to CLP’s renewable projects in Australia, China, India, Thailand, and Laos.

CLP’s Chief Executive Officer, Andrew Brandler, said, "The restructuring of ownership of the Roaring 40s China portfolio will strengthen CLP’s position as a leading developer of renewable energy projects in Mainland China and aligns with the commitment set out in our Climate Vision 2050, which set an interim target of increasing the non-carbon emitting generating capacity in our portfolio to 20 percent by 2020."

Roaring 40s currently has a 49 percent stake in ten wind projects in China, three of which are already operational. In Australia, Roaring 40s will continue to operate as a 50-50 joint venture between CLP and Hydro Tasmania. Through its subsidiary TRUenergy, CLP will continue working with Hydro Tasmania on the development of Australian wind projects.

CLP, a company listed on the Hong Kong Stock Exchange, is the largest external investor in the Chinese mainland electricity industry. It is a leading international private sector power company in the Asia-Pacific region with a diversified portfolio of power generation from gas, coal, renewables, and nuclear.

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