New York City, United States — China Hydroelectric Corporation has completed the previously announced acquisition of 100% of the Minrui hydroelectric projects totaling 55.5 megawatts (MW) of installed capacity in Yunnan province of the People’s Republic of China.
The purchase price for the projects was US $59.3 million paid in the form of US $17.1 million in cash and the balance in the form of a seller note, all or a portion of which may be refinanced with non-recourse bank debt from local Chinese banks. The company had announced the execution of the definitive agreement for this acquisition on May 11, 2010.
This purchase includes three projects, the Aluhe project, with an installed capacity of 12.6 MW, the Latudi project, with an installed capacity of 18.9 MW and the Zilenghe project, with an installed capacity of 24 MW.
China Hydroelectric continues to work towards the completion of the previously announced pending acquisition of the 44-MW Xiaopengzu project, also in Yunnan province, as well as on finalizing the acquisition of the Taiyu projects for which the Company has entered into a memorandum of understanding.