China Hydroelectric to invest in Yunnan power projects

China Hydroelectric (CHC.NYSE) said on Wednesday that it has agreed to a US$60.8 million purchase to acquire a portion of the Minrui power projects in Yunnan province, state media reported. The company said it had a memorandum of understanding to acquire all of the Minrui assets. This includes four operating hydroelectric projects, three projects that are under construction, as well as development rights to a further nine projects. The agreement announced on Wednesday covers three of the operating projects. China Hydroelectric said it would fund the deal with cash and financing from the Bank of China in Fujian, pending government approval.