Hong Kong group plans $3.7B gas power plants in Australia

TRUenergy is seeking approval to develop two gas-fired power stations in Queensland, Australia, with total investment of up to A$3.6 billion or $3.76 billion. The firm is a wholly-owned subsidiary of Hong Kong-based China Light and Power Holdings.

According to CLP, the power stations are expected to be able to meet the projected growth in demand for electricity in Queensland, reports Reuters.

for the next 10 years and at full capacity would increase the state's generation capacity by a total of more than 20 percent, CLP said on its website on Tuesday.

The northeastern Australian state is forecast to have a shortfall in energy reserves of between 341-779 megawatts by 2013-2014, CLP added.

Construction of the plants could begin as early as 2013, CLP, which has power projects across Asia, said. It gave no details on the financing.