Guangzhou Development Group (SHA:600098) plans to increase the capital of its subsidiary Jinghai Power Generation by nearly 161 million yuan to fund a power plant project, according to a Shanghai Stock Exchange filing on Saturday.
The funds will be used to expand two units of the Guangdong Yuedian Huilai Power Plant. Both units, deemed "ultra-supercritical," have a capacity of 1 million kilowatts.
Jinghai Power owns the power plant located in Jinghai Bay at the eastern end of Huilai County, Jieyang City, Guangdong Province, China.
The Chinese coal products distributor's board of directors approved the plan, although it is still subject to regulators' approval.
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