The move was made to fund the Wuyue Pumped Storage Power generation project sited in China’s Henan Province.
China Hydroelectric currently holds 79% equity interest in Wuyue Pumped Storage Power Generation Company, which owns the right to develop the 1GW project.
The equity transfer is subject to definitive agreements to be completed by the first quarter of 2011.
CGNEDC will agree to fund its proportionate share of the on-going development costs of the project upon completion of the equity transfer.
The
