China Resources Power to Buy Into Offshore UK Wind Farm in as It Looks to Expand to Europe
Xu Wei
DATE:  Dec 20 2017
/ SOURCE:  Yicai
China Resources Power to Buy Into Offshore UK Wind Farm in as It Looks to Expand to Europe China Resources Power to Buy Into Offshore UK Wind Farm in as It Looks to Expand to Europe

(Yicai Global) Dec. 19 -- China Resources Power Holdings Co. [HKG:0836] plans to set up a consortium with its parent company to spend EUR600 million (USD803 million) on a stake in a firm that operates in the UK's offshore wind farm sector.

The duo will buy a 30-percent stake in Dudgeon Holdings Ltd., China Resources Power said today. The other two shareholders will be Statoil Wind Ltd. and Masdar Offshore Wind UK Ltd., with each holding 35 percent.

The parent company will hold a 60-percent share in the consortium. Its subsidiary will use internal funding and or bank financing to raise cash for its 40-percent stake.

Under the deal, China Resources Power will be able to participate in its parent's global strategy and set up a platform for expansion into Europe. It will also be able to make its first investment in the offshore wind energy sector in the continent.

The listed firm's share price rose by 1.14 percent to HKD14.2 (USD1.82) on the news.

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Keywords:   China Resources Power,M&As,Wind Power,Renewable Energy