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 HydroWorld.com 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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs