Asia and Oceania China Three Gorges Corporation invests in renewable energy group The China Three Gorges Corporation (CTG) has bought a 29 percent share in a Chinese renewable energy group, according to a share purchase agreement issued by seller China Power New Energy Development (CPNED). hydroreviewcontentdirectors 12.22.2011 Share Tags China Three Gorges BEIJING, China (PennWell/12.22.2011) — The China Three Gorges Corporation (CTG) has bought a 29 percent share in a Chinese renewable energy group, according to a share purchase agreement issued by seller China Power New Energy Development (CPNED). The 3.2 billion newly-issued shares purchased by CTG are worth HK$2.1 billion (US$270 million) and give the energy conglomerate a majority interest in the company.CPNED will use the funds to invest in new power generation projects, according to the purchase agreement. Currently, the group controls a portion of the Minrui hydro projects in China’s Yunnan Province and has full control of a 36.6-MW facility previously owned utility Zhangping Huakou. Related Posts MOU signed to develop pumped storage projects in Maharashtra, India BG Titan Group announces MOU to develop Tamakoshi 3 hydropower in Nepal Sarawak Energy to study pumped storage feasibility A dam collapses in eastern Sudan after heavy rainfall and local media report dozens missing
