Our group has signed an agreement with Jilin Power Share Co., Ltd. (“Jilin Power Share”) to set up a new energy company to operate wind power projects.
The joint venture agreement has been approved and signed by board of directors from both our group and Jilin Power Share on 11 June 2010 to co-invest on a new energy resource company to develop wind power projects. This new energy company will involve a total investment of RMB300 million with a registered capital of RMB100 million, of which our group and Jilin Power Share will provide 49% and 51% respectively. It will develop wind power resources on a project basis in Jilin Province and other regions, and operate the individual or jointly developed wind power projects of both parties in Jilin.
Listed on the Shenzhen Stock Exchange, Jilin Electric Power is a power company with China Power Investment Corporation as its indirect controlling shareholder. Jilin Power Share has an installed wind power capacity of 850MW with 430.980 MW attributable to Jilin Power Share. Its total assets are valued at RMB5 billion.
Our group is delighted to come to an agreement with Jilin Power Share. The strategic alliance will enable both parties to capitalise on their respective strengths in wind power resources and professional development and construction. The new energy company will facilitate the development of wind power projects in Jilin Province and northeastern China. This complies with our objective to expand its business scope by means of acquisitions and co-operative ventures to become world’s top clean and renewable energy companies.