China Resources Power Holdings Co. (0836.HK) has agreed to set up a consortium with two units controlled by its parent company, to acquire a minority stake in an offshore wind farm in the U.K.
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The Chinese electricity producer said during the midday break that total investment for the proposed acquisition of a 30% stake in Dudgeon Holdings Ltd., which operates a wind farm off the coast of Norfolk in the U.K., is up to 600 million British pounds ($803 million).
The move comes as China Resources National Corp., with businesses spanning real estate, energy and pharmaceuticals, seeks to boost its international presence. China Resources Power will hold a 40% stake in the consortium company and invest up to GBP240 million for the proposed acquisition, it said.
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(END) Dow Jones Newswires
December 18, 2017 23:58 ET (04:58 GMT)