New York, United States — China Hydroelectric Corporation a developer and operator of small hydroelectric power projects in the People’s Republic of China (PRC), announced that it has signed definitive agreements to acquire a portion of the previously announced Minrui projects in Yunnan province of the PRC.
The company had previously announced the execution of a memorandum of understanding to acquire 100% of the Minrui group of projects, which included four operating hydroelectric projects aggregating 66 megawatts (MW), three projects under construction aggregating 125 MW, and the development rights to nine projects aggregating 341 MW. The executed definitive agreements include three of these Minrui operating hydroelectric projects, totaling 55.5 MW.
The new definitive agreements provide for China Hydroelectric to acquire the three operating hydroelectric projects for a purchase price of US $60.8 million. This acquisition, which will be completed in the coming weeks, is expected to be financed through cash on hand and bank financing, which will be provided under the terms of the company’s previously announced Loan Framework Agreement with the Bank of China’s Fujian Branch.