China Power Clean Energy Development Explained

China Power Clean Energy Development
Native Name:中国电力新能源发展有限公司
Native Name Lang:zh
Traded As:HKEX:
Industry:Electricity, renewable energy
Predecessors:-->
Successors:-->
Founded:2006 in Bermuda (legal domicile)
Founders:-->
Hq Location City:Hong Kong
Hq Location Country:China
Areas Served:-->
Key People:Wang Binghua (Chairman)
Wang Zhongtang (CEO)
Products:Electric power
Profit:-->
Profit Year:-->
Parent:State Power Investment Corporation
Module:
Child:yes
Order:st
S:中国电力新能源发展有限公司
T:中國電力新能源發展有限公司
P:Zhōngguó Diànlì Xīnnéngyuán Fāzhǎn Yǒuxiàn Gōngsī
Also Known As:Abbreviation
S2:中电新能源
T2:中電新能源
P2:Zhōngdiàn Xīnnéngyuán

China Power Clean Energy Development (CPNED), formerly China Power New Energy Development Company Limited (CPNE) and Oriental Investment, is a Chinese renewable energy company established in 2006 and listed on the Hong Kong Stock Exchange. It operates hydropower, wind, natural gas, solar, and waste-to-energy power plants.[1]

History

In 2011 CPNED became the first renewable energy company in China to succeed raising substantial hard currency funding via a bond issue.[2]

In 2010, the company acquired China Power Dafeng Wind Power Company for US$74 million.[3] In 2012, the company agreed to acquire a Chinese wind turbine unit of Suzlon Energy for US$60 million.[4] [5] However, this deal was terminated.[6]

In 2015, the company announced that it would take over State Nuclear Power Technology Corporation. More precisely, China Power New Energy Development signed a MoU to acquire by issuing new shares to SNPTC and/or another SPIC's subsidiary China Power New Energy Limited.[7] and SNPTC to sell their nuclear power assets and businesses.[8]

Ownership

China Power Investment Corporation (now known as State Power Investment Corporation) was the majority owner of the company via intermediate holding companies.

In December 2011, China Three Gorges Corporation paid HK$2.1 billion (US$270 million) for a 29% stake in CPNED to become the largest shareholder of the company that time.[9]

Corporate leadership

The chairman till December 2015 was Li Xiaolin, then also chairman and CEO of China Power International Development and vice general manager of China Power Investment Corporation.[10] She became the chairman of the company in May 2007, replacing Lai Leong in this position.[11] In December 2015, she was replaced by Wang Binghua,[10] chairman of State Power Investment Corporation (ex-China Power Investment Corporation)

Projects

In May 2011 CPINE (the overseas arm of CPNED) signed a cooperation framework with First Solar of Arizona to work on photovoltaic projects in China and the U.S., with a plan to match First Solar's installed capacity in America in China.[12]

By 30 June 2016, the company had installed power generation capacity of 3,650.1 MW, including 1,429.5 MW of wind, 1,300 MW of natural gas, 595.8 MW of hydropower, 228.2 MW of photovoltaic, and 78 MW of waste-to-energy generation facilities. in addition, 842.75 MW of capacities were under construction.[13]

In 2015 the first three completed projects of the Group commenced operation:

Four more projects were completed in the first quarter of 2016:

Notes and References

  1. News: SeeNews . China Power New Energy guides for higher profits in H1 2016 . Militsa . Mancheva . 2016-08-01 . 2016-10-18.
  2. Green Investment Climate Country Profile – China: - Page 40 Aldo Baietti, Andrey Shlyakhtenko and Roberto La Rocca - "In the same year, China Power New Energy Development Company Limited issued a ¥500 million denominated Eurobond with a coupon rate of 3.75 percent."
  3. News: SeeNews . SChina Power New Energy to acquire China Power Dafeng Wind Power Co for USD 74m . Tsvetomira . Tsanova . 2010-08-24 . 2016-10-18.
  4. News: SeeNews . Suzlon Group to sell Chinese manufacturing unit to CPNE . Dobromir . Gyulev . 2012-06-25 . 2016-10-18.
  5. News: . Suzlon sells China arm for Rs 340 cr . Reuters . 2012-06-23 . 2016-10-18.
  6. News: ReCharge . . Suzlon sells 75% of China wind arm . Andrew . Lee . subscription . 2013-09-18 . 2016-10-18.
  7. China Power New Energy Limited, a company which was incorporated in Hong Kong, is not the listed company China Power New Energy Development Limited, which was incorporated in Bermuda. China Power New Energy Limited is an indirect wholly owned subsidiary of China Power International Holding, in turn China Power International Holding is a wholly owned subsidiary of State Power Investment Corporation,previously known as China Power Investment Corporation before 2015 merger; China Power New Energy Limited, China Power International Holding were intermediate holding companies of the shares of the listed company.
  8. Announcement. 30 December 2015. 1 July 2018. China Power New Energy Development. Hong Kong Exchanges and Clearing website.
  9. News: ReCharge . . China Three Gorges buys into renewables group for $270m . Andrew . Lee . subscription . 2011-12-12 . 2016-10-18.
  10. News: . Shares in nuclear power company formerly run by ex-premier Li Peng's daughter surge 20 per cent in wake of her resignation . Ren Wei . 2015-12-30 . 2016-10-18.
  11. News: . China Power targets foreign acquisition . 2007-05-07 . 2016-10-22.
  12. News: Reuters . First Solar, CPINE to cooperate on solar projects in China, U.S. . Wan Xu . Wills, Ken . 2011-05-10 . 2016-10-18.
  13. News: SeeNews . China Power New Energy's H1 net profit jumps 86% . Militsa . Mancheva . 2016-08-24 . 2016-10-18.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "China Power Clean Energy Development".

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