Hydropower firm eyes rival

By Wang Yu | China Daily | Updated: 2007-02-15 07:03

China's leading hydropower operator is preparing to buy a stake in a local counterpart in an effort to diversify and enhance its long-term development.

According to a public statement to the Shanghai Stock Exchange yesterday, China Yangtze Power Co plans to buy a 45 percent stake in Hubei Provincial Energy Group Co for 3.1 billon yuan.

Workmen pass along a walkway while water pours from sluices on the Three Gorges Dam. China Yangtze Power Corp, the operator of the hydropower project, said it plans to buy a 45 percent stake in the Hubei Provincial Energy Group Co for 3.1 billion yuan. The move will diversify Yangtze Power's power-generating structure. Qing Cao/ImagineChina via Bloomberg News

The move will diversify the firm's power-generating structure and boost growth in the long run by increasing its output, the company said.