Huadian Power International Forms Joint Venture for Pumped Storage Project in China

MT Newswires Live

03-28

华电国际-1.61%

Huadian Power International (HKG:1071, SHA:600027) approved an investment agreement to establish a joint venture for the development of the 1.80 million kilowatt Shandong Yiyuan, Shiqiao pumped storage project in China.

The venture, formed with Luzhong Holding and Huadian Hong Kong, will focus on energy storage and power generation.

Huadian Power will hold a 70% stake, while Luzhong Holding and Huadian Hong Kong will own 20% and 10%, respectively.

The agreement, set for execution by April 30, aligns with China's clean energy goals and strategic power development plans.

The power company's shares were up 1% at both Hong kong and Shanghai bourses in recent trading.

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