China Hydroelectric Corporation will Sell 30 MW Yuheng Hydroelectric Power Project
China Hydroelectric Corporation (China Hydroelectric), an owner, developer and operator of small hydroelectric power projects in the People’s Republic of China (PRC), today announced the Company has entered into an Share Transfer Agreement to sell its Yuheng hydroelectric power project, a 30MW project located in Fujian province.
The total consideration is RMB279.0 million (approx. US$44.3 million), including the assumption of debt by the buyer. The sale of the project is expected to close in early 2013 and will result in a small profit to the China .
Mr. Amit Gupta, chairman of the board of China Hydroelectric, stated, “The sale not only helps the Company move a step closer to fixing its current liquidity situation, but also reaffirms the fundamental value of the Company’s assets. In addition to this transaction, the Company continues to pursue other avenues to address its remaining liquidity needs in order to provide sufficient time for the new board to work with management on a comprehensive, long-term financing solution.”