Meiya Power Company's acquisition of a hydro power project shows its continuous focus on renewable energy, said Alan Chan, Chairman & CEO of MPC.
The hydro power project located in Shangri-la, Yunnan Province, PRC was acquired through its joint venture investment holding company, Xiangtou International.
The acquisition relates to a 90 percent interest in Shangri-la Minhe Hydropower Development Co Ltd, established to develop small hydro clusters in the region. The project consists of six diversion-type hydro power stations located along the Langdu River northeast of Shangri-La. The total installed capacity will be 105.7MW. The first phase of the project is expected to be commissioned by April 2009. The Company expects to continue expanding the project and plans to more than double its hydro capacity in the region in the next two years.
"The investment in this project represents MPC's continuous focus on renewable energy projects in hydro resources rich areas. The addition of this project to MPC's portfolio would enhance the Company's overall fuel diversification strategy and reinforce our commitment to renewable energy. We will continue to pursue development opportunities in regions with rich renewable energy resources," said Chan.
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