Three Gorges Agrees to Invest $269 Million in China Power
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China Three Gorges Corp., operator of the nation’s biggest dam, agreed to pay HK$2.1 billion ($269 million) for a 29.1 percent stake in renewable energy producer China Power New Energy Development Co.
China Power New Energy will issue 3.2 billion new shares at HK$0.65 each to China Three Gorges, the Hong Kong-listed company said in a statement to the city’s stock exchange today. China Power New Energy said it will use the proceeds to fund power generation projects.