China WindPower Sells Huadian 9.9% Stake for $49 Million

China WindPower Group Ltd. sold a 9.9 percent stake to a unit of China’s state-owned power generator China Huadian Corp. for HK$378.4 Million ($48.8 million).

Huadian Fuxin Energy Corp. agreed to buy 880 million shares at HK$0.43 each, a discount of about 15 percent to the average closing price for the past five trading days through Dec. 17, Hong Kong-based China WindPower said in a filing yesterday. The acquisition would make Huadian the company’s third-largest shareholder, according to data compiled by Bloomberg.

China WindPower will use the proceeds for wind and solar projects and will cooperate with Huadian on projects. The company operates 29 wind and solar power projects with a combined capacity of more than 1.3 gigawatts, according to a September report. The sale is subject to shareholder approval.

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