Huaneng Power International (HKG:0902, SHA:600011) has agreed to form a joint venture firm named Yuwang Company with Huaneng Lancang River Hydropower (SHA:600025), a Tuesday bourse filing said.
Huaneng Power International will contribute around 1.51 billion yuan to the JV firm while Huaneng Lancang River Hydropower will invest 1.45 billion yuan to own 51% and 49% of the new firm, respectively.
The company is forming the joint venture mainly to fulfill the national energy supply requirements and secure resources for new energy projects.
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