Minjiang Hydropower to sell subsidiaries

Sichuan Minjiang Hydropower will sell its holdings in three subsidiaries for US$28.8 million.

 
The recipient of the target assets will pay 30 percent of the total consideration immediately after signing the equity transfer agreement. The remaining 70 percent will be paid within the five days after registration of the equity transfer is complete.

The target assets include a 55 percent stake in Jiujiayi Hydropower, a 98 percent stake in Yangjiawan Hydropower and a 51 percent stake in Zheli Hydropower.

Jiujiayi Hydropower owns exploration rights to 13.6 MW hydropower stations and a 9.6 MW hydropower station is currently under construction, of which 90 percent of the construction is complete. Yangjiawan Hydropower has an 18.9 MW hydropower station under construction at present, of which 90 percent of the construction is complete. Zheli Hydropower owns exploration rights to 11.4 MW hydropower stations and has a 6.4 MW hydropower station currently under construction, of which 80 percent of the construction is complete.