Huaneng Power International, Inc.
Huaneng Power International, Inc. is principally engaged in the investment, planting, operation and management of power plants. The Company's electricity generation business covers the Northeast China Grid, the North China Grid, the Northwest China Grid, the East China Grid, the Central China Grid and the South China Grid, as well as grid in Singapore. During the year ended December 31, 2008, the Company together with its subsidiaries, generated approximately 184.6 billion kilowatt-hours.
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China Huaneng to co-operate with ASF as it looks for further Australian acquisitions
Sydney-based ASF Group (ASX:AFA) has entered into a memorandum of co-operation with a Hong Kong subsidiary of Beijing's China Huaneng Group Ltd (CHG), the company that holds a 51 percent stake in Huaneng Power International.
By the end of June 2009, CHG had 130 wholly-owned and majority-owned power plants distributed over 26 Chinese provinces, municipalities and autonomous regions and also overseas, with total installed capacity of 88.96 GW.
In 2003 CHG purchased a substantial interest in two Queensland power-generating plants for US$227 million and has followed up with other offshore acquisitions.
According to ASF, CHG is seeking stakes in Australian thermal coal projects and in conjunction with ASF hopes to expand its energy and resources activities in Australia.
Under the terms of the MOC, ASF and CHG will form a team to jointly investigate the coal tenements held by ASF in Western Australia and evaluate the feasibility of joint development.
In addition, ASF will look for other coal resources in Australia to assess in co-operation with CHG.
