The four state-owned banks are Construction Bank of China, Industrial and Commercial Bank of China, State Development Bank, and Bank of China.
CPI will carry out the investment through Huanghe Upstream Hydro-power Development Company Limited, one of its branches in Ningxia.
Last year CPI signed agreements with local governments in Yinchuan and Zhongwei to invest as much as CNY 100 billion in recycling industry in Ningxia in the coming seven years.
It is the first time for CPI to expand its presence to Ningxia to tap industries of hydropower generation, wind power generation, coal chemical, coal-based power generation, and so on, according to an executive from CPI.
The executive discloses that Datang and China Guodian Corporation have also built their presence in Ningxia that is one of the most important strategic energy bases in western China. Especially, Ningxia has rich wind power resources.
As the profits of coal-based electricity generation are shrinking, power plants are turning their heads respectively to hydropower generation, wind power generation, and coal chemical to seek a sustainable development model, says an expert from the dynamic institute of China Guodian Corporation.
CPI was established based on the former State Power Corporation of China (SP). With a registered capital of CNY 12 billion, the company has been approved by the State Council to become one of the pilot state-authorized investment entities and state-owned holding corporations.
As of the end of 2006, its total assets of CPI amounted to CNY 177.831 billion. Its controllable installed capacity reached 37800 MW, of which 9220 MW or 24.4% comes from hydropower generating units, 27230 MW or 72% from thermal units and 1350.8 MW or 3.6% from nuclear-based units.
The equity capacity of CPI is 28043.3 MW. CPI has 168 affiliate companies and 15 participating companies with 83,086 employees in total.
The company owns assets in 27 provinces, autonomous regions and municipalities. Among these, there are four A-share listed companies, namely Shanghai Electric Power Co. Ltd, Shanxi Zhangze Electric Power Co. Ltd, Chongqing Jiulong Electric Power Co. Ltd and Jilin Electric Power Co. Ltd.
It also owns China Power International Holding Ltd. registered in Hong Kong, through which CPI indirectly controls China Power Development Ltd. listed on the Hong Kong Stock Exchange and China-Hong Kong Power Development Ltd. which is devoted to supply power to Hong Kong.
From cnstock.com, Page 1, Friday, March 21, 2008 info@SinoCast.com
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