New York City, October 19, 2012 — China Hydroelectric Corp., an owner, developer and operator of small hydroelectric power projects in China, entered into an share transfer agreement to sell its Yuheng hydroelectric power project, a 30 MW project located in Fujian province, for total consideration of $44.3 million, including the assumption of debt by the buyer.
The sale of the project is expected to close in early 2013 and will result in a small profit to the company.
China Hydroelectric Corp. is an owner and operator of small hydroelectric power projects in China. Through its geographically diverse portfolio of operating assets, the company generates and sells electric power to local power grids. Led by an international management team, the company's primary business is to identify, evaluate, acquire, develop, construct and finance hydroelectric power projects.
The company currently owns 26 operating hydropower stations in China with total installed capacity of 548 MW, of which it acquired 22 operating stations and constructed four.
These hydroelectric power projects are located in four provinces: Zhejiang, Fujian, Yunnan and Sichuan. Hydropower is an important factor in meeting China's electric power needs, accounting for about 22 percent of total nation-wide capacity.