China Resources Power Joins With Parent for Acquiring 30% Stake in U.K.'s Offshore Windfarm

By Joanne Chiu Features Dow Jones Newswires

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.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

December 18, 2017 23:58 ET (04:58 GMT)