Sembcorp to expand energy business in China
It inks conditional JV deal on power project in Chongqing
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SEMBCORP Industries (Sembcorp) on Monday signed a conditional joint venture agreement with Chongqing Songzao Coal and Power LLC in a bid to expand its energy business in China.
The agreement with the subsidiary of Chongqing Energy Investment Group to collaborate on a mine-mouth coal-fired power project in Chongqing municipality includes the acquisition of a 49 per cent stake in an existing 300-megawatt coal-fired power plant, as well as in the joint development of an adjacent 1,320-megawatt coal-fired power plant, which will be one of the most efficient power plants in the province.
The entire project will cost approximately six billion yuan (about S$1.2 billion), with the development of the new 1,320-megawatt plant expected to be completed in 2017. The project will significantly strengthen Sembcorp's energy business in China, increasing the group's power capacity in the country by about 2.5 times from 987 megawatts to 2,607 megawatts.
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