(Yicai Global) June 23 -- Shanxi-based coal firm Wintime Energy Co. [SHG.600157] will build a gas-fired thermal power co-generation project through a joint venture in Xuzhou in East China's Jiangsu province.
The company's wholly owned subsidiary in Jiangsu signed a project cooperation agreement with Tongshan District State-owned Assets Management Co. of Xuzhou city and China Resources Power Investment Co. to set up a joint venture in Tongshan district, which will see a a gas-fired thermal power co-generation project built, Wintime Energy said in a statement on June 17.
China Resources Power Investment Co. will hold a 51 percent stake in the joint venture, while Wintime Energy and Tongshan District State-owned Assets Management Co. will have 33 percent and 16 percent share, respectively. The gas-fired thermal power project will be completed within 18 months, with the first phase of the project to include two 100MW gas-steam combined cycle units. The announcement did not disclose the total investment to be made.
Publicly available data show that Wintime Energy is a firm mainly operates in coal mining sector. In recent years, it has actively made deployment in power generation projects in Jiangsu, Shaanxi as well as other provinces and cities and gradually formed three major energy industry development pattern including coal, electricity and gas. The cooperation on Xuzhou project will help speed up the company's power industry layout in Jiangsu province and enhance its operating results, said Wintime Energy.