New York, United States — China Hydroelectric Corporation, a developer and operator of small hydroelectric power projects in the People’s Republic of China, this week announced that it has completed the acquisition of a 19-megawatt (MW) Husahe Project located in the Yunnan province of the PRC.
The purchase price for the project was US $15 million paid in the form of cash and a seller note, all or a portion of which may be refinanced with non-recourse bank debt from local Chinese banks.
China Hydroelectric Corporation had originally announced that it had reached a definitive agreement to acquire this project on April 14, 2010. Prior to executing the definitive agreement, the company had entered into a memorandum of understanding with respect to the acquisition.
The company also said that it is continuing to work towards the consummation of its previously announced pending acquisition of a 44 MW Xiaopengzu Project, also in Yunnan province, as well as on finalizing acquisitions of additional projects for which the company has entered into memoranda of understanding.