Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Huaneng Power to Invest $271 Million in Two Energy Projects

Oct. 12 (Bloomberg) -- Huaneng Power International Inc. plans to invest 1.66 billion yuan ($271 million) in a gas-power project and a wind farm in China as the nation seeks to reduce carbon-emissions from fuels such as coal.

The listed unit of China’s biggest electricity producer plans to use bank loans and internal funds to pay for a 1.21 billion yuan gas-fired distributed power plant in the Guangxi Zhuang Autonomous Region with generating capacity of as much as 237 megawatts, the Beijing-based company said in a statement to the Hong Kong stock exchange yesterday.

China, the world’s largest emitter of atmospheric pollutants, plans to raise the proportion of power it gets from natural gas to at least 7.5 percent in 2015 from 4.7 percent in 2012 to help pare emissions.

Huaneng said it also plans to spend 445 million yuan on a wind project in Hunan province, which will have an installed capacity of 48 megawatts. Funding will come from bank loans and internal resources, the company said.

Wind power installations around the world will drop by almost a quarter this year to their lowest level since 2008 because of policies in Europe and the U.S., according to Bloomberg New Energy Finance.

Cumulative wind capacity was almost three times that of solar power at the end of 2012, with 278,000 megawatts of turbines operating compared with about 104,000 megawatts of panels, BNEF data show.

To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at asoo4@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.