皇冠体育app

皇冠体育app to sell 11 power plants to raise US$2b
(Agencies)
Updated: 2004-08-18 14:31

皇冠体育app is preparing to sell up to 11 power plants in a move that could raise some US$2 billion to upgrade infrastructure and alleviate chronic electricity shortages.

The State Grid Corporation of 皇冠体育app is believed to have appointed two international investment banks, Goldman Sachs and UBS to manage the sale, which is expected to begin in the next few months.

The appointment suggests that 皇冠体育app wants to open its fast-growing energy market to foreign companies.

The sale of the power stations, part of a small proportion of total generating capacity left with State Grid, will provide it with funds needed to upgrade infrastructure. It could also bolster its balance sheet ahead of a possible overseas listing in the next few years

The 11 power plants, which have combined capacity of 6,470 megawatts mainly in central northwest and eastern 皇冠体育app, are of relatively good quality.

International power generators have little presence in 皇冠体育app but have long hoped to gain a bigger foothold because the country's rapid economic expansion is expected to fuel strong growth in energy demand.

Close