China's energy giants to form joint venture

Source: Xinhua | 2018-03-06

Two Chinese energy giants, China Shenhua Energy Company and GD Power Development Co., have agreed to transfer their coal-fired entities and assets to form a joint venture.

The joint venture, with a registered capital of 10 billion yuan (about 1.6 billion U.S. dollars), will focus on power and heat generation and sales, according to a statement posted on the website of the State-owned Assets Supervision and Administration Commission Monday.

GD Power Development Co. will take a 57.47 percent stake in the joint venture, while China Shenhua will hold the remaining 42.53 percent.

After the merger, the joint venture will have a total installed power generation capacity of 66.29 million kilowatts in operation, while another 10.86 million kilowatts under construction, according to the statement.