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Huaneng Power Int'l approved to build RMB 1.96-bln power plantPublished: 22 Jul 2009 20:33:11 PST
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Jul. 23, 2009 (China Knowledge) - Huaneng Power International Inc<600011><0902><HNP>, China's largest publicly traded power company, announced on Wednesday that it has obtained approval from the National Development and Reform Commission, the nation's top economic planning agency, to build an RMB 1.96-billion coal-fired power plant in East China's Jiangxi Province.
The company said in a statement that the project, Huaneng Jinggangshan Power Plant Phase II, will use 600-mW ultra-supercritical generators.
The project will be 25% financed by the company's own capital, while the remaining 75% will come from bank loans, according to the statement.
In the first quarter of this year, Huaneng Power's net profit skyrocketed 127.27% to RMB 550 million, while the company's revenue rose to nearly RMB 16.12 billion, up 19.08% year on year, according to an earlier report from China Knowledge.
H shares of Huaneng Power gained 2.90% to close at HK$5.67, while the company's A shares climbed 0.62% to stand at RMB 8.14 on Wednesday.
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