China Hydroelectric Corporation, a small hydro developer and operator will be selling its 16MW Yuanping hydro project in Fujian province of China to Fujian Dachuang Group. According to the company the deal is worth $22M.
The transaction which will result in a small profit for the company, is likely to attain closure in early 2012.
According to John D Kuhns, Chairman and CEO, as per the business plans of the company its major feature has been to take over, develop and construct hydroelectric power projects. The firm considers its portfolio of operating assets as fluid and from time to time it will proceed with making opportunistic sales of certain assets.
Kuhns said, “We believe this transaction to sell one of our operating assets at a gain and to simultaneously reduce debt levels is in the company\'s best interests.”
The transaction which will result in a small profit for the company, is likely to attain closure in early 2012.
According to John D Kuhns, Chairman and CEO, as per the business plans of the company its major feature has been to take over, develop and construct hydroelectric power projects. The firm considers its portfolio of operating assets as fluid and from time to time it will proceed with making opportunistic sales of certain assets.
Kuhns said, “We believe this transaction to sell one of our operating assets at a gain and to simultaneously reduce debt levels is in the company\'s best interests.”