China Hydroelectric announces sale of 30-MW Yuheng hydropower facility

Small hydropower developer China Hydroelectric Corporation has entered into a Share Transfer Agreement for the sale of its 30-MW Yuheng hydro plant.

The Yuheng hydropower facility -- one of China Hydroelectric's 26 stations -- is located in China's Fujian province.

The company says the US$44.3 million deal is expected to close in early 2013 and includes the assumption of debt by the buyer, resulting in a small profit for China Hydroelectric.

An official from China Hydroelectric told that the buyer would not be disclosed until the deal is complete.

"The sale not only helps the company move a step closer to fixing its current liquidity situation, but also reaffirms the fundamental value of the company's assets," says Amit Gupta, chairman of the board.

Gupta was one of several board members named at an Oct. 15 meeting, which followed the ousting of founder and former Chief Executive Officer John D. Kuhns earlier this month.

"In addition to this transaction, the company continues to pursue other avenues to address its remaining liquidity needs in order to provide sufficient time for the new board to work with management on a comprehensive, long-term financing solution," Gupta says.

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