It is reported that Huaneng Power International will buy a 30% stake in CNNC Hainan Nuclear Power from its parent company China Huaneng Group. The transaction value totaled CNY 174 million.
Huaneng Power also plans to acquire a 50% stake in Shanghai Time Shipping from Huaneng Energy & Communications Holding, another subsidiary of China Huaneng Group for CNY 1.06 billion.
Huaneng Power will finance the aforementioned acquisitions with self-owned funds. Through acquiring stake in CNNC Hainan Nuclear Power, Huaneng Power aims to optimize its power generating asset structure. The Shanghai Time Shipping equity purchase is the company’s effort to strengthen its coal transport and storage capacity.
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