Huaneng Hydropower to Acquire Clean Energy Unit for RMB 8.701 Billion in Cash

Deep News10-25 18:40

On October 25, Huaneng Hydropower announced that the company intends to acquire 100% equity of HNYL Company held by its controlling shareholder China Huaneng Group Co., Ltd. (hereinafter referred to as "Huaneng Group") through cash payment, with a transaction amount of RMB 8.701 billion.

According to the announcement, HNYL Company is a wholly-owned subsidiary of Huaneng Group, primarily engaged in the investment, development, construction, and operation management of clean energy projects including hydropower, wind power, and photovoltaic power generation in relevant river basins and surrounding areas in the southwestern region, as well as power production and sales and related technical services.

This transaction constitutes a related-party transaction but does not constitute a major asset restructuring.

Huaneng Hydropower stated that through this acquisition, the listed company will obtain high-quality and scarce clean energy assets in the southwestern region, further expand its clean energy business layout, achieve extension from its existing core river basins to other high-quality hydropower resource regions, form a diversified resource layout spanning multiple regions and river basins, and enhance overall operational stability and risk resistance capabilities.

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