China Hydroelectric Corporation Sells Yuheng Hydroelectric Power Project
China Hydroelectric Corporation, an owner, developer and operator of small hydroelectric power projects in the People’s Republic of China, today announced that it has closed its previously announced sale of the Yuheng hydroelectric power project, a 30 MW project located in Fujian province.
This sale, for total consideration of approximately $44.3 million, has resulted in net proceeds of $20.8 million to the Company after the assumption of debt by the buyer.
The company previously announced the sale of the Yuheng hydroelectric power project on October 18, 2012. This sale has decreased the company’s total installed capacity to 517.8 MW.
The company currently owns 25 operating hydropower stations in China with total installed capacity of 517.8 MW, of which it acquired 21 operating stations and constructed four. These hydroelectric power projects are located in four provinces: Zhejiang, Fujian, Yunnan and Sichuan. Hydropower is an important factor in meeting China’s electric power needs, accounting for approximately 22% of total nation-wide capacity.